Silver Price Forecast – Silver Markets Pull Back From 200 Day EMA

Silver markets have rallied a bit during the trading session on Thursday to reach towards the 200 day EMA before pulling back a bit. That being said, the market looks as if it is ready for a short-term pullback but quite frankly, we have seen such a huge move to the upside that is difficult to imagine that the market will suddenly fall apart. Having said that, a pullback does make a certain amount of sense and I would anticipate that the 50 day EMA could offer a bit of support. That is an area where if we get a significant bounce, I would be willing to get involved again.

SILVER Video 22.10.21

That being said, the market breaking above the 200 day EMA on a daily close could be a very bullish sign as well. If we turn around a break above the 200 day EMA on a daily close, then it is very likely that we could see further momentum to the upside and an attempt to take out the $25 level. Breaking above the $25 level would be very bullish sign, perhaps bringing the market much higher. As far as selling is concerned if we break down below the $23 level, that could be a very negative sign but quite frankly this is a market that does not look very likely to see that happen anytime soon.

That being said, I think that silver is a market that yet to be very cautious with, because it does tend to be extraordinarily volatile. When you look at this chart, you should also keep an eye on the US Dollar Index, because it has such a highly negative correlation to the silver market.

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