Silver Price Forecast – Silver markets still hang around the 200-day EMA

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Silver markets moved back and forth during Tuesday’s trading session as we continued to hang above the 200-day EMA. Obviously, the 200-day EMA is a longer-term trend-defining indicator that many people pay close attention to, and so it is not much of a surprise to see that we are hanging around this general level. The 50-day EMA is above and below the lower, suggesting that some downward pressure may be on us. Nonetheless, silver remains in the crosshairs of traders in general as it is a major industrial metal and a market heavily influenced by the greenback.

SILVER Video 08/04/21

Below that we see a significant upward trend line that has held up several times as it is part of the ascending triangle that has been such an important factor in this market. If this breaks on the downside, the market is likely to be looking towards the $ 20 mark. On the other hand, if we cross the 50-day EMA, it is likely that we could head toward $ 27 followed by $ 28 above it.

The $ 28 mark is essentially where the void would be filled, so I think it would offer significant resistance. Additionally, if you look at the longer-term chart, you can see that the area above $ 28 was tough to negotiate anyway. One thing is for sure, the market is likely to be very choppy so you need to be very careful with your position size.

You can find an overview of all today’s economic events in our Economic calendar.

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