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Silver markets initially tried to rebound during Thursday’s trading session but gave up gains to show signs of exhaustion. Ultimately, it looks very likely that the market will continue overall consolidation as we are sitting just below the 200-day EMA. After these last few weeks the question now arises whether we can go further up or just do the math back and forth? If you look at this chart, not only do we have the 200-day EMA underneath which is offering support, but also the 50-day EMA which is coming down to offer resistance. I think if we have enough time we will probably have to take a bigger step based on impulsivity.
SILVER Video 07/02/21
If we cross the 50-day EMA, the market will likely rise and try to fill the gap that extends to the $ 27.75 level. If we break beyond that, chances are we will try to break above the $ 28 mark. That being said, the market is showing extensive resistance, going up to the $ 30 mark. If we break that, silver can go much higher and maybe hit the $ 50 mark based on historical behavior.
On the flip side, if we fell below the 200-day EMA, which is below the $ 25 mark, we could go much lower, perhaps towards the $ 23 mark and then possibly the $ 20 mark after that . I believe that industrial demand will likely continue to attract this market as well. If the US dollar starts falling, it could help this market a bit too.
You can find an overview of all today’s economic events in our Economic calendar.
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