Silver markets have shown themselves to be somewhat resilient, as we have seen the market stabilize near the 200 day EMA. By doing so, it suggests that the market may be trying to save itself and therefore the overall trend. It should be noted that we are also near the $26 level, an area that has been important more than once. With both of those things going for it, a lot of attention will be paid to the testimony of Jerome Powell in front of Congress. If the Federal Reserve walks back some of its perceived hawkishness, that should put downward pressure on the US dollar, thereby adding a little bit of bullish pressure to silver.
SILVER Video 23.06.21
Silver markets have been in a major ascending triangle for some time, so should not be a huge surprise that we would bounce, and quite frankly I see a ton of support underneath that could come into play. Because of this, I am looking for some type of opportunity to get long based upon a bounce or a supportive candlestick. Furthermore, if we can break above the top of the inverted hammer from the Friday session, then the market is likely to go higher to fill the gap above. That would allow the market to go looking towards the $28 level, which is an area that historically it has allowed the market to go looking towards the $30 level as we have seen a couple of times. Regardless, it looks like a “buy on the dip” type of market.
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