Silver Forecast – Precious Metal Risks Deeper Slide to Key $50 Support

Silver Technical Analysis

The silver market has struggled again during the trading session on Wednesday, as we continue to see a bit of trouble here in the markets with interest rates climbing. The United States bombing of Iran has definitely caused a bit of a problem here, and I think this could be what pushes silver down below the $57 level, opening up the possibility of a move down to $50.

Obviously, that is a bigger move and would take a little bit of pressure, but really, at this point, all it would take is some type of headline to make that happen. Short-term rallies, I think, continue to be sold into. I don’t like silver at the moment. I love silver longer term, but I think we’re going to revisit that $50 level. This is an area that I think will have a lot of headlines attached to it, and therefore makes for an interesting buying opportunity, at least in theory.

Imminent Death Cross Threatens Silver Outlook

That is an area that’s been important for decades; I just don’t see how the market ignores it based on its previous action. We are getting ready to get the 50-day EMA crossing below the 200-day EMA, kicking off the so-called Death Cross. That will bring longer-term traders involved in it as well. With that being said, I am a bit hesitant to buy. I don’t necessarily want to sell right here into support, but I do think it’s probably more likely than not to find a reason to go lower in this kind of environment. I have no real interest in buying at the moment.

The silver market has struggled again during the trading session on Wednesday, as we continue to see a bit of trouble in this area, as rates climb, and uncertainty prevails.

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