Jun 24, 2022 15:12
The silver market began Thursday's trading session with a sharp decline, reaching $21 per ounce. Considering that the $21 level has been significant on several occasions, I believe it is just a matter of time until volatility returns to this market. The $22 level above is a place of resistance; thus, if we do rebound, you must pay special attention.
The 50 Day EMA is currently at $22.39 and falling. This implies that a certain level of dynamic resistance should enter the picture. I believe that any balance will be sold because, obviously, there are several concerns over industrial demand and the rising of the US currency. Long-term, all of these factors work against silver, but inflation tends to benefit it. In such a circumstance, the only predictable response is likely to be a great deal of volatility, but that does not distinguish silver from other markets.
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Breaking below the $21 level enables a decline to the $20.50 level, and potentially even the $20 level. A breach of the $20 level would be extremely negative for silver, opening the door to the $18 level. If we were to rebound and break through the 50 Day EMA, it is conceivable that we may see an attempt to reach the $23 level, but I believe it would require much work.
Jun 23, 2022 11:52