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Silver markets initially fell during Friday’s trading session but then returned to showing signs of life as the $ 26 mark continues to offer significant support. Keep in mind that there is still a large gap above that, which extends to around $ 27.75, that has yet to be filled. Because of this, we might see an attempt to get there, but we have to see some kind of “risk of hiring” in the market.
SILVER Video 07/12/21
Keep in mind that the value of the US dollar can work against the silver market, but silver is a little different from some other precious metals in that it also has that portion of industrial demand that comes into play as well. Because of this, we need to look seriously at the market through the prism of reopening trading. If the industry continues to pick up, it makes perfect sense for the demand for silver to pick up.
That being said, the area above the gap, which extends to the $ 30 mark, is a huge resistance barrier and I think it will be difficult to get across. Because of this, I think the uptrend is somewhat limited, but if we broke above the $ 30 mark, this market could start a big move towards the $ 50 mark.
On the flip side, there is an uptrend line, the 200-day EMA, the $ 25 psychological barrier, and several other smaller barriers that could offer support. I wouldn’t want to sell until we drop below $ 25.
You can find a look at all of today’s economic events in our Economic calendar.
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