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Silver Forecast: Markets Kick Off Week on Back Foot

Nov 23, 2021 (MENAFN via COMTEX) --

(MENAFN - Daily Forex) Silver markets initially tried to rally on Monday but struggled at the $25 level. By doing so, the market turned around to slice through the 200-day EMA, which of course does attract a lot of attention. The $24.55 level is where the 200-day EMA currently sits, and we blew right through there like it was not even an issue. At this point, the 50-day EMA currently sits closer to the $24 level, so as long as we can stay above there, there is still hope that the silver markets will recover.

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The US dollar was very strong during the trading session on Monday, so we have seen quite a bit of downward pressure on silver as a result. Ultimately, if we break down below that 50-day EMA, then I think it is very likely that we will continue going lower.This is a market that I think continues to bounce around in this general vicinity, because we are arguing between a strengthening US dollar and the idea of industrial demand, which is good for silver at the moment.

On the other hand, if we were to turn around and break above the $25 level, this is a market that will then test the $25.50 level, and then possibly as high as $28. Obviously, it would take a significant amount of momentum to make that happen, and it is likely that we will continue to see an attempt to make that happen, but that does not necessarily mean that it will be easy. I think we need to get a significant amount of momentum going to turn things around, and we are in the potential threat of forming a"rising wedge", but it is a bit early to call that as an actual pattern. As things stand right now, if we can recapture the 200-day EMA, I believe traders will come in and pick this market up. Keep in mind that silver is highly sought after for green energy and other products like that, and with the United States looking very likely to spend on infrastructure, silver will probably be one of the beneficiaries over the next several years. That being said, the price action is what I am paying the most attention to.

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COMTEX_397529933/2604/2021-11-23T07:19:30

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