Silver Price Forecast – Silver Market Pulls Back Significantly From 200 Day EMA

Silver markets have pulled back significantly from the trading session on Tuesday as the 200 day EMA has offered significant resistance. The shooting star from last Friday was the beginning of it, so now it looks as if we are going to go looking towards the 50 day EMA. If we can continue to fall from here, I think it is only a matter of time before we go looking towards the 50 day EMA. The market will continue to be very noisy, but if we closed towards the bottom of this range, it typically means that we are going to see continuation during the next session.

SILVER Video 27.10.21

When you look at this chart, you can see clearly that we have seen a lot of noisy behavior, but it is more than likely going to continue to work against the value of silver. Silver does have a certain amount of industrial demand attached to it, so there is a certain amount of attention that will be paid to the market. On the other hand, if we were to turn around a break above the $25 level, then it is likely that we would go much higher.

I do not see that happening in the short term though, because clearly, we need to see a bit of a pullback at the very least. I expect to see a lot of noisy behavior, but ultimately it is likely that we need to be cautious about our position size, because quite frankly the volatility could cause major concern and damage to your account if you are not careful.

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