Price Prediction for Silver – Silver Gives Up Early Gains

Initially, silver markets attempted to advance during the trading day, but afterwards handed back gains.

During Tuesday’s trading session, silver markets initially attempted to advance, but later surrendered gains to demonstrate hesitancy. Given this, the market is expected to remain extremely volatile, but this is nothing new for silver. Recently, silver has outpaced gold, and it appears that we are attempting to determine our next move.

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The 200-Day Exponential Moving Average (EMA) beneath could provide a substantial amount of support continuing ahead, especially since it lies directly at the $21 level. Having said that, I believe it will only be a matter of time until we need to investigate this subject. If we were to break below it, it is probable that the market will decline to the $20 level. It is perhaps worth noting that the $20 level has a great deal of psychological significance, which could generate some noise.

On the other side, if we turn around and take the $22.50 level, there is a high probability that silver will surge. I do not necessarily know what will cause this; it may be the US dollar or inflation. We are confronted with a situation in which industrial demand will likely continue to decline, so this is also something to consider.

Silver has a history of punishing retail accounts, as JP Morgan has been caught manipulating the market on multiple occasions. As a result, if it increases too quickly, you can likely anticipate more of the same, as the fines they pay pale in comparison to the profits they make by manipulating the paper silver market.

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