Silver Forecast Today 04/04: Silver Wipes Out Gains (Video)

(MENAFN- Daily Forex)

• Silver has been absolutely crushed during the trading session on Thursday, losing well over 5 % as we continue to see a lot of questions asked about the global economy.
• The global economy is threatened by tariffs and not just the tariffs from the United States, but whatever the chain reaction will be.
• That being said, the market sees a candlestick like this.

It's very likely that there's a little bit of follow through. Keep in mind that although gold turned around quite drastically, the reality is gold's safety play as well. Silver is not. It's a way to play against the dollar. Sometimes it's a way against the rates. And quite often it's an industrial metal. That's what people think of it.

Silver and Industrial Use

The industrial metal use case scenario, of course, could be slowed down if we get a massive tariff war. And if that's going to be the case, it's very likely that silver will continue to struggle. That being said, it's still technically an uptrend despite the fact that we took this beating during the day on Thursday. So, while I'm not wanting to jump in and short the silver market, I don't want to buy it either.

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I want to take a couple of days, especially as Friday is going to be the employment report to get a sense as to what Silver is going to do. If the market were to break back above the 50 day EMA closer near the $32.50 level, then you can start to make an argument going long of the market yet again. If we continue to fall from here, then I pay close attention to the $31 level and the 200 day EMA as well. These are areas that are going to be massive in their implications going forward.

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