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Silver markets suffered a little from the US dollar during Friday’s trading session as we continue to see this market plunge. At the time, the $ 23 mark was pretty important, but now it looks like it’s being worked on. If we can get below this level, it is likely that we will be looking at the lows of this sinking candle that hit as low as $ 22. If we can break down there, the market will likely be looking towards the $ 20 level below, which is the next big, round, psychologically significant number.
SILVER Video 8/23/21
On the other hand, if we can turn around and break above the $ 24 level, it would obviously be a very bullish sign that perhaps opens up the possibility of a move towards the $ 25 level. That being said, we also have what is known as the “death cross†that formed when the 50-day EMA cuts through the 200-day EMA. This is a longer term bearish signal and many longer term traders will short the market on it. Nonetheless, this is a market that I think will continue to move along the whims of the US Dollar Index, in an inverse correlation as usual.
The market has collapsed and now it looks like we are ready to go further down. If we were to go above the $ 24 mark, I believe it would require a fundamental shift in the stance of the US dollar. We’ll have to wait and see, but if that actually happens then this is a market that is likely to move higher. That being said, we certainly look “risk off†at the moment.
You can find an overview of all today’s economic events in our Economic calendar.
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