Technical analysis of the silver markets
Silver markets oscillated during Monday’s trading session as the 50-day EMA continues to draw some attention. It is interesting to see that the market is at the $20.50 level. However, the market in this area also has a certain “market memory”. Ultimately, this is a market that I think will continue to pay a lot of attention to this area as the market looks to previous support in this area.
Ultimately, this is a market that is in a major downturn, but we have seen a massive rise. Because of this, it is likely that we will continue to see downward pressure at some point, but we need some US dollar strength to make that happen. For this reason, a market break below $20 could be a signal to start short selling again, but if we break above $21, it could be a very bullish sign. If that were to happen, we could see a market peering above $22, maybe even the 200-day EMA. First, expect a lot of the loud volatility that is typical of silver since it is such a volatile market.
Although this was a very strong rally, we still have some way to go before it changes the overall trend. In addition, there is a gap yet to be filled below, which is what the futures markets ultimately do. In other words, I think if you’re buying precious metals, it’s probably gold that you need to buy, not silver.
Silver price prediction video for 8/2/22
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