Silver markets increased slightly during the trading session on Wednesday, but then fell towards the lower end of the range from the previous trading day. That being said, we are sitting on an uptrend line so it is likely that there could be some buying pressure here. That being said, the 50-day EMA is currently just above the $ 24 level so I think this is an important area to watch out for as the 50-day EMA is falling. I think that could be your near term rebound goal, but whether or not we can take off is a completely different situation.
SILVER video 11/25/21
On the flip side, if we break below the uptrend line, largely the lows from the previous session on Tuesday, then I think the market will break towards the $ 23, maybe even the $ 22 level. Silver has a strong negative correlation to the US dollar, of course, so this should be taken care of, but all things were equal to weakness, so a small rebound may be important. If we break above the 50-day EMA, it is likely that we could move towards the $ 24.53 level where the 200-day EMA is. With Thanksgiving tomorrow, liquidity could be an issue so I wouldn’t be reading the candlestick too much for the next 24 hours.