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Silver markets fell a little on Tuesday against the backdrop of a stronger US dollar, hitting the 200-day EMA. At this point the market has shown a lot of support in this general environment, so it should come as no great surprise that we are actually trying to stabilize. If we can hold the 200-day EMA, it gives hope that silver will continue to rise and perhaps rebound to the highs. Nonetheless, there is still a loophole to be closed and I think a lot of people will try to target what a move to around $ 27.75 would fulfill.
SILVER Video 6/30/21
If we break below the 200-day EMA and pull down the $ 25 level, it is likely to be the case for silver in the short term. Ultimately, this is a market that is heavily influenced by the US dollar, but it also offers the possibility of industrial use. In theory, this should raise quite a bit for silver, but it is obvious that given a lot of uncertainty out there, we are struggling.
In addition, there is the question of whether inflation will persist or whether it will be “temporary”. As long as there are many questions, it is likely to work against the stability of the silver market, as well as many others. Keep an eye on these levels because if we pull them down things could get ugly pretty quickly. That being said, it’s the best defensive you are involved with.
You can find a look at all of today’s economic events in our Economic calendar.
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