Yahoo Finance Silver Price Forecast – Silver Markets Continue to Show Massive Move to The Upside
Silver markets have rallied again during the course of the trading session on Wednesday to break above the highs of the massive Tuesday candlestick. This is a very bullish sign and suggests that the market is going to continue to go towards the 200 day EMA, which currently sits at the $24.57 level. Breaking that would of course attract a lot of attention from technical traders, as it would signify for a lot of people that we are in an uptrend.
SILVER Video 21.10.21
That being said, if the market were to turn around a break down below the $23 level, then I think it is very likely that we would see market participants look at this through the prism of a return to the $22 level. I do not see that as being very likely, but the reality is that we could very well sell off quite drastically if that does in fact happen. It is worth noting that the 50 day EMA is currently sitting at the $23.50 level, an area that has been a bit noisy recently, but it is starting to curl higher so that does suggest that buyers are trying to get involved again.
Regardless, I do not have any interest in trying to short this market anytime soon, at least not until we clear the $23 level. If we did break down below there, it would be a significant turnaround and of course a very negative sign in general. That being said, this is a market that I just do not see that happening in, due to the fact that there is a lot of industrial demand.
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This article was originally posted on FX Empire
