Silver Price Forecast – Silver Continues to Sit at The 200-day EMA

Silver Markets Technical Analysis

The silver market has gone back and forth as we are hanging around the 200 day EMA and therefore, I think it does make quite a bit of sense that there is noise. The $26.50 level has been massive support and I think that extends down to about the $26 level, which is also where the 61.8% Fibonacci retracement level resides. It’s because of this that I think there is a significant amount of support here, but if we give that up, look out below, this is a market that’s probably going to fall apart. If we turn around and break above the $28 level that opens up a move to the $28 50 cents level, possibly even higher than that in general.

This is a market that I think will continue to be very noisy. And with that being the case, I think you have to look at it through the prism of a market that is going to be very sensitive to risk appetite. After all, silver is volatile under the best of circumstances. And with that being said, I think you have to look at this, uh, through a risk on risk off type perspective.

If the rest of the risk assets are doing okay, we’ll probably follow right along. If not, well, it won’t do very well. At this point, you need to be very cautious with your position sizing as silver can be quite volatile and of course can wreck your account if you are not cautious. All things being equal, I think we are at a major inflection point, and need to be very cautious.

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