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Silver Market Attempts Stabilization

Alina Haynes

Apr 27, 2022 10:09

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Technical Analysis of the Silver Markets

Silver markets fluctuated throughout Tuesday's trading session, as we continue to observe a high level of volatility in general. While it is evident that we have changed to a fairly pessimistic mentality, the candlestick on Tuesday shows that we may stabilize, if not bounce. That bounce, of course, is an indication that we may resume selling, until we breach the $25 barrier to the upside. The US dollar has been and will continue to be a wrecking ball for silver.

 

If we break below Monday's lows, the market might swiftly reach the $23 level, possibly even the $22 level. Because the $22 level beneath has been a significant support for a long period of time, I would be looking for buyers to enter this market. If we were to break it below that support zone, the ramifications for silver would be severe to say the least.

 

The 200 Day EMA is located at $24.30, and coupled with the 50 Day EMA, which is located at $24.74, this could act as a bit of a hurdle to the upside. Finally, I'll be searching for signs of tiredness that I may profit from, which I believe will occur very fast during any form of rise. Not only is silver concerned about the US dollar, but it is also concerned about a possible lack of demand if the economy does begin to stall.

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