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Silver Price Forecast – Silver Markets Bounce From 25 USD Again

By:
Christopher Lewis
Published: Apr 9, 2021, 16:24 UTC

The silver markets have pulled back a little bit during the trading session on Friday, only to find buyers again at the $25 level.

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Silver markets have initially fallen during the trading session on Friday to reach down towards the $25 level. That level has offered support yet again, as the market turned around to rally and form a bit of a hammer. The hammer sits just above that level, so I think at this point it is very likely that we will eventually see an attempt to break above the 50 day EMA and go higher. That being said, if the market was to break above the 50 day EMA, the market is very likely to continue going higher.

SILVER Video 12.04.21

Looking at this chart, if we were to break down below the $25 level, then I believe that the 200 day EMA is going to offer support. All things being equal, this is a market that is going to eventually find interest underneath, and I think that we will see an attempt to break higher based upon the industrial demand more than anything else, and the fact that we recovered the way we did on a day that was even dollar positive, suggests to me that there is real interest in this market.

All that being said, if we were to turn around a break down below the $24 level, that could open up a move down to the $22 level. The $22 level course would be supportive as well, so all things being equal, this is a market that I think is going to make a big move sooner rather than later, so looking at this market I believe that there will be a significant move sooner or later, so if you simply wait for an impulsive candlestick, you should have a nice trade.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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