Price Prediction for Silver – Silver Increases During the Trading Session

During Wednesday’s trading session, the $22.50 level has provided support for the silver price.

Wednesday’s trading session for silver was positive, as the market continues to exhibit a great deal of erratic activity. It’s worth noting that the $22.50 level has been significant in the past, since a gap has created there. As a result, it does make logical that there may be some support and purchasing in that broad area.

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The 200-day exponential moving average (EMA) and maybe the 50-day EMA might be reached if the $21.80 level is breached. I believe this market will continue to be sustained over the longer term, mostly owing to people’s desire to preserve capital. In the current market situation, I am not as fond of silver as I am of gold, due to the silver market’s negative reaction to industrial demand, which is likely to produce significant problems.

In light of this, I believe there will be a great deal of volatility and probably a little of a range bound situation, but with a strong upward tendency. I enjoy purchasing on dips, but I wouldn’t go “all in” on the silver market due to its extreme volatility.

I have no interest in shorting this market, though, until we fall below the $21 barrier. The way the market has broken out says that we could reach the $25 level, but Monday’s enormous candlestick indicates that it won’t be simple to do so anytime soon. Additionally, it shows that it is likely only a matter of time before we observe the occasional jump in both directions.

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