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During the week, silver markets recover from support

Daniel Rogers

May 07, 2022 10:27

 截屏2022-05-07 上午9.37.56.png

Weekly Silver Technical Analysis 

Throughout the week's trading, silver markets have fluctuated, first reaching the $22 zone. However, we are now exhibiting signs of support, and it appears we will continue to see a great deal of buying pressure right below. However, we also have the 200-Week Exponential Moving Average lying just below, and I believe it will also play a role. We are near the bottom of a bigger consolidation area; therefore, I believe a rebound would make sense. However, you should also pay close attention to what transpires afterwards, as anything could occur.

 

If silver falls below the $21.50 mark, it is highly likely that the price will target the $20 level. This will also have a negative correlation with the U.S. currency, so you should monitor the US Dollar Index. The markets continue to exhibit a great deal of erratic activity, so you must be cautious with your position size. Nevertheless, if we were to turn around a break above the week's highs, it is likely that we would target the $24 level. Then, we may aim to achieve the $26 level, which represents the upper boundary of the total consolidation area.

 

As an important industrial metal, this market will be significantly more volatile than gold due to its greater vulnerability to the US dollar and economic worries.

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