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The silver markets moved back and forth during Monday’s trading session as we continue to see this market just above the 200-day EMA. At this point, it looks like the market would be very comfortable sitting just above the $ 26 level, just as the 50-day EMA above it continues to offer resistance. The 50-day EMA is sloping down, which of course represents some downside pressure in this market so I think it is only a matter of time before we have some selling pressure in this area. If we can break this 50-day EMA and maybe even break the $ 27 level, it is likely that we could move higher to fill the gap and perhaps open a move towards the $ 27.75 level.
SILVER Video 7/13/21
If you look at the shape of the candlestick, it suggests that we are likely to have more buyers under it than anything else. At this point, this is a massive support market that I think would be difficult to combat, especially since the larger context of the market is an ascending triangle and of course we need to keep a close eye on the $ 25 level. I think in the short term we are likely to have more sideways movement than anything else. Ultimately, we are paying particular attention to industrial demand for silver, which still appears to be quite strong, but at the same time, of course, the strengthening of the US dollar has worked against it. In addition, we must pay great attention to raw materials in general, which are starting to show some cracks.
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