Silver Markets Continue to Plunge

Silver Markets Technical Analysis

Silver markets have been very negative during the trading session on Monday as we continue to plummet. The US dollar has been like a wrecking ball against most other markets as well, so therefore you need to be very close to the US Dollar Index. If that continues to rise, it will put a lot of negative pressure on the silver market overall. After all, silver is highly sensitive, and then of course it is also not only a precious metal but an industrial one as well.

The $22 level has been massive support more than once and it is probably worth noting that we got here rather quickly. Because of that, we could get a bit of a bounce, but that bounce would not be something that I trust in the short term. In fact, I would look for any type of bounce to be a potential selling opportunity, with candlesticks that show exhaustion being trigger points. You should also pay attention to the $23 level because we did gap below it, so there is probably a bit of resistance built into that area as well. All things being equal, I have no interest whatsoever in buying silver anytime soon, because we have clearly made a shift in overall sentiment.

If we were to break down below the $21.50 level, then the market is likely to drop rather quickly, perhaps down to the $20 level. One of the things that may be working against the idea of silver is that there is going to be a slowdown globally, and that of course will drive down the demand for silver is an industrial metal.

Silver Price Forecast Video 03.05.22

For a look at all of today’s economic events, check out our economic calendar.