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Silver markets have shown themselves to be reasonably resilient as the market stabilized near the 200-day EMA. This suggests that the market may be trying to save itself and with it the overall trend. It should be noted that we’re also near the $ 26 mark, an area that has been important more than once. In light of these two things, a lot of attention is paid to Jerome Powell’s testimony before Congress. If the Federal Reserve pulls back on its supposedly restrictive stance, it should put downward pressure on the US dollar, giving silver some bullish pressure.
SILVER Video 6/23/21
The silver markets have been in a big ascending triangle for a while now so it shouldn’t come as a big surprise that we would bounce back and honestly I see a lot of support underneath that could come into play. Because of this, I’m looking for a way to get long based on a bounce or a supportive candle. Furthermore, if we can break the top of the inverted hammer Friday session, the market is likely to move higher to fill the gap above. This would allow the market to look towards the $ 28 mark, which is an area where in the past it has allowed the market to look towards the $ 30 mark as we do a few Times have seen. Regardless, it looks like a “buy on the dip†market.
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