Technical analysis of the silver markets
The silver market recovered somewhat in the early hours on Tuesday as we threaten the 50 day EMA. The 50 day EMA is of course an indicator that many people pay close attention to, which is why I think if we can get above that on a daily close, it will bring more FOMO trading to the market. In the short term, we will see plenty of support near the $30 level, and of course the trendline and 200-day EMA are just below that. In other words, I think we’re in an area where we’re trying to do everything, to build some kind of base.
This base could lead to a continuation of the uptrend, but we need something to get the market going. That thing might become gold. When gold starts to take off again, it will generally drag silver with it, and sometimes it’s even the other way around. If we move higher, I think we will eventually look to retest the highs near the $35 level.