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Silver markets recovered somewhat during Friday’s trading session, hitting the 50-day EMA. This is, of course, an area that will get a lot of attention as the 50-day EMA is very popular. Nonetheless, this is a market that is trying to grind higher, and it topped the shooting star’s top from the previous session. That in and of itself attracts a certain amount of attention, so I think we need to look at this through the prism of a little reversal at this point and whether or not inflation is driving the precious metals up, whether or not the US dollar is working against it?
SILVER Video 07/05/21
However, silver is a little different in this regard as there is significant industrial demand for the metal, so of course that is a completely different driver. If we are in the middle of a reopening trade, I think silver should remain very bullish, but I also acknowledge that we still have a lot to do before I can seriously consider going buy and hold. However, if we break above the 50-day EMA, it is very likely that we could move towards the gap above it near the $ 27.75 level. If so, we may have a nice short-term buying opportunity in a market that has yet to fill that void, which most futures markets will do when given enough time. Because of this, I think we have upside potential rather than downside.
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