Technical analysis of silver markets
silver markets moved back and forth during Friday’s trading session to show signs of hesitation as we trail around the 200-day EMA. The 200-day EMA is of course a very widely followed technical indicator. If we break below the $21 level, then there is a possibility that we will drop to the $20 level.
The 50-day EMA is also holding there, and I think given enough time, we are looking at a potential target if we break down. Ultimately, silver markets will have a major negative correlation with the US dollar and of course interest rates, so you need to pay close attention to those markets as well.
Going forward, there are also other things you need to worry about when it comes to silver, not the least of which will be industrial demand, which could suffer as we head into a recession. Yes, I know there is a huge disparity between the type of recession most people think is coming, but ultimately the worse it gets, the less demand there will be for money.
On the other hand, the market will be very volatile, so you need to be very careful about your position size. After all, there are many significant risks, so we have to be very careful about sizing positions, because money is erratic at the best of times. If we get an explosive move one way or another, the silver market is definitely going to move fast.
Silver price prediction video for 21.11.22
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