Yahoo Finanza Silver Price Forecast – Silver Markets Attempt Recovery
Silver Markets Technical Analysis
Silver markets have found themselves to be a bit volatile during the trading session on Monday, bouncing quite significantly after gapping higher. This makes quite a bit of sense considering that the market has been so oversold, and a bit of a relief rally would be expected given enough time. The $22 level above continues to be an area that we will have to pay close attention to, as it was previous support. “Market memory” could come into the picture at that point so I will be willing to jump all over any type of exhaustion candlestick to start shorting again, taking advantage of what has been an obvious downtrend.
If we break down below the lows, then silver almost certainly unwinds to reach the $20 level, but that remains to be seen. At this juncture, I believe that it is not until we break above the $23 level that you can take any rally seriously. At that point, then we may try to get to the $26 level, but we would also have to fight through the 50 Day EMA as well.
Pay close attention to the US dollar, it is very strong and that does typically work against the value of silver over the longer term. Furthermore, there is a lot of concern when it comes to industrial demand, as it appears that we could be heading toward a global slowdown. If that is going to be the case, then demand for industrial metals will continue to crater, which of course works against part of the argument for silver price is rising.
Silver Price Forecast Video 17.05.22
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
