Silver Price Forecast – Silver Stabilizes

The 200-day exponential moving average (EMA) has been maintained by silver throughout Wednesday’s trading session.

We are hovering just above the 200-day exponential moving average and silver has stabilized somewhat throughout Wednesday’s trading session. The 200-Day Exponential Moving Average has a great deal of weight in the field of technical analysis, therefore many people will be focusing on this area. The $21 level, which had previously been a big resistance barrier, lies below. It should now have some “market memory” in that neighborhood, so it will be interesting to watch if it holds.

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If it fails to provide support, the market might fall to $20, a huge, round, and psychologically meaningful number. On the other side, if we see a reversal and a break above the highs of the last few days, the market may target the $22 level. Remember that there is a significant negative link between the US dollar and silver, as well as between US rates and silver.

Silver is a metal used in industry, thus demand must also be considered. Although there is a global shortage of silver, it has not affected the paper market for years. In spite of this, it appears that the buyers have the upper hand at the moment, and if we can break out over $22.50, silver could attempt to get as high as $25. Due to the Thanksgiving holiday in the United States, volume and the availability of electronic trading may be somewhat sluggish over the next few of days.

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