Market Technical Analysis for Silver

During Friday's trading session, silver markets dipped a little bit lower, hitting a low of $20. Given its size, roundness, psychological significance, and history of support, the $20 level is one where you could anticipate hearing a lot of clamorous support.

The 50-Day EMA is located just below the $20 level and is encroaching on it. In the end, I believe that the market is still constrained between the 200-Day EMA above and the 50-Day EMA below. Usually, there is a lot of noise and choppy activity while we are between these two moving averages before there is a significant shift in one way or the other. The US dollar has been so strong at this time that I would still prefer the downside, but eventually this market will swing back and forth with the US currency since there is such a strong negative link.

The market is expected to open up a move down to the $19 level, and potentially even the $18 level after that, if we break down below the 50-Day EMA. The $18 level should be closely watched since it has historically served as a crucial support level and is quite likely to do so again. That is ultimately the goal for selling in this scenario, and if we were to break down below there, we may see a significant decline. On the other hand, the silver market's whole trend may shift if we managed to break through the $22 level.