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Silver markets rebounded slightly during Monday’s trading session, but it should be remembered that Monday would have been very calm due to the fact that Americans were celebrating Extended Independence Day. That will of course affect the futures market, so I wouldn’t be reading too much into the candle other than the fact that we had nowhere to be. The 50-day EMA is just above it and that could be a bit of resistance. If we can break through up there, it is likely that we will look around for the gap above, as futures prices tend to fill in those gaps.
SILVER Video 7/6/21
A pullback from here could offer many buying opportunities as long as we can stay above the 200-day EMA, which is currently at $ 25.50. The above gap could extend the market up to $ 27.75, so I think it is likely to be bullish rather than bearish, offering a buy-on-downturn type of situation that silver has been displaying for quite some time. In fact, I wouldn’t worry until we went below the $ 25 mark, which in itself is important since it’s also the bottom of the ascending triangle.
If we fall below the ascending triangle it is very likely that the silver market will fall apart and perhaps head towards the $ 20 mark, which would obviously be a very significant move that could cause quite a “wrecking ball” effect in that market .
You can find an overview of all today’s economic events in our Economic calendar.
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