Silver Price Forecast – Silver Markets Stall at 50 Day EMA

Silver markets have gone back and forth during the course of the trading session on Wednesday, as the 50 day EMA has offered a significant amount of resistance. That being said, the market is likely to continue the overall consolidation that we have seen over the last couple of days. If you remember, I recently stated that if we could close above the 50 day EMA on a daily chart, that might be something worth buying, but at this point time we simply do not have the momentum to make that happen. I think that we continue to chop back and forth in this area until we find some type of reason to go higher or lower, and it is probably also worth noting that we are sitting between the 50 and the 200 day EMA indicators.

SILVER Video 15.04.21

The US dollar of course will have a significant effect on silver as well, so having said that I think what you are looking at is a scenario that is going to be choppy and noisy to say the least. Ultimately, this is a market that I think is trying to find its footing, and that takes time. However, if we were to break down below the $24 level, that could open up fresh selling. At that point, I would anticipate that the market may have to go to the $22 level underneath as it is the next major support level. With that being the case, I still would not get overly bearish, at least not until we break down below the $22 level. If that level gets slammed underneath, then silver will sell off quite drastically.

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