Silver Price Forecast – Silver Continues to Compress

Silver Markets Technical Analysis

Silver has fallen a bit during the trading session on Thursday as we continue to see a lot of negativity, but we also continue to see buyers jump in and try to stabilize this market. Ultimately, I think this is a situation where you have a lot of noise and compression going on, and this typically leads to an explosive move sooner or later. Because of this, I think it’s probably only a matter of time before we see a lot of movement in one direction or the other.

Speaking of this, there is a lot of resistance above that we would have to overcome in order to get bullish. The 50-Day EMA sits at the $19.32 level, right around the downtrend line. After that, you then have to worry about the $20 level, and it’s only after a break of all of that you can look at this through the prism of a turnaround and a potentially bullish market. Furthermore, you would also need to see the Federal Reserve change its overall attitude, as the silver market is highly sensitive to interest rates and the US dollar.

The $18 level underneath should continue to be supported, had a breakdown below that level would be extraordinarily negative. The markets will continue to be paying close attention to whether or not there is going to be enough industrial demand to drive prices higher. That being said, it is worth noting that the market has been grinding lower for a while, and it’s going to take a lot to change that overall attitude, especially as silver is so volatile under the best of circumstances.

Silver Price Forecast Video for 30.09.22

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