Silver Markets Give Up Early Gains Today

Silver have initially tried to rally during the session today but gave back gains to form a bit of a shooting star. At this point, it looks like we are starting to run out of steam, so I would anticipate a move back down towards the $22.50 or so.

Silver Markets Give Up Early Gains Today

The 50 day EMA sits at the $23.15 level, so that being the case it is likely that we could see selling pressure in that general vicinity as well. Keep in mind that the US dollar has a negative correlation to silver, so pay attention to what is going on with the greenback.

Furthermore, you have to pay close attention to industrial demand when it comes to silver, unlike gold. The market looks as if the recent bounce is already running out of momentum, so I do anticipate that we get a pullback. If we break down significantly, we could go looking towards the $22 level, which is a significant barrier that we have tested multiple times.

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After that, then you are talking about the $21.50 level, where we had bounced from previously. If we were to break down below that level, then it is likely that we go looking towards the $20 level rather quickly, so therefore I would become very aggressive on that move.

On the other hand, if we turn around and take out the 50 day EMA, we could go looking towards $24 rather quickly as well. Keep in mind that silver does tend to move rather quickly at times once it makes up its mind so you need to be cautious with your position size.

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Silver Markets Give Up Early Gains Today via @marketinvestor
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