Silver Price Forecast – Silver Hanging Onto Trend Line
Silver markets have been somewhere quiet during the trading session on Thursday, which makes sense considering that the Thanksgiving Day holiday will have taken quite a bit of liquidity out of the market. The shape of the candle stick does suggest that rallies will continue to struggle, and that’s essentially how I am trading silver at the moment. The silver market has struggled with the massive U.S. dollar strength as of late, and this trend line is a perfect example of where the market needs to save itself.
SILVER Video 26.11.21
The 50-day EMA sits just above the $24 level. The $24.00 level should be an area that I think a lot of people will be paying close attention to. If we can break above there, then we can make a run towards the 200 day EMA. Even if that happens, it is still all within the confines of a correction. After all, we have seen a major shot to the downside, and these things typically do not happen on their own and without some type of follow through.
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If we break down through the bottom of the candle stick from the Tuesday session, it’s very likely that we will go looking to take out the $23 level, which could open up a move all the way down to the $22 level. I anticipate this is very likely to happen, assuming that the US dollar continues to see strength. In the short term though, this is a market that appears a bit oversold. With that, I am looking for shorting opportunities.
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