Silver Price Forecast – Silver Continues to Get Hammered
Silver Markets Technical Analysis
Silver has been very bearish during the Friday session as a US dollar has spiked higher. That being said, silver has several things working against it at the same time, not the least of which would be the fact that the US dollar is spiking and value. Quite frankly, this is a market that I think continues to see a lot of negativity, as a stronger dollar and higher interest rates both work against the value of silver. Furthermore, you need to worry about the idea of global growth as it is an industrial metal, not just a precious one. If there is no global growth, there’s going to be no global industrial metal demand.
At this point, it looks like Silver has got much further to go, perhaps down to the $18 level rather quickly. If we were to break down below the $18 level, then it opens up a potential move all the way down to the $15 level. That being said, the $15 level is a large, round, psychologically significant figure that will attract a lot of attention and cause headlines. After that, the next major support level I see is a $12 level, so we could have quite some distance to travel.
If we were to break above the $20.00 level, that could change the entire trend, but I just don’t see how that happens. After all, the US dollar would have to do a massive turnaround, and at this point in time with the Federal Reserve being as tight as it is, I just don’t see how that occurs in this environment. I think silver continues to be a “fade the rally” situation.
Silver Price Forecast Video for 26.09.22
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