Silver Price Forecast – Silver Continues to Respect a Trendline
Silver Markets Technical Analysis
Silver markets have gone back and forth during the trading session on Thursday as we continue to pay close attention to the downtrend line, and we also have the 50-Day EMA coming into the picture offers resistance. All things being equal, the market is likely to continue looking at the $20 level above there as major resistance. As long as we stay below there, I think silver is going to remain very soft, especially as it has such a huge negative correlation to both the US dollar and interest rates in the United States.
Looking at the start, I think it remains negative, but if we were to break above the $20 level, then it’s possible that we could go to the $21 level. This would take a major shift in attitude, and perhaps more importantly, the US dollar itself. The US dollar has been like a wrecking ball against almost everything, and silver is going to continue to be the same.
Ultimately, the $18 level entities should be supported, so if we were to break down below there it would be a major flush lower, perhaps opening up the silver market for a drop down to the $15 level. After that, silver could then go looking to the $12 level underneath, which is a major round figure worth paying attention to.
Keep in mind that silver is also an industrial metal, not just the precious one, so it’s likely that the lack of global growth will continue to be a major issue, and this keeps silver from being able to take off anytime soon. As long as the global growth situation looks precarious, I remain bearish on silver.
Silver Price Forecast Video for 23.09.22
For a look at all of today’s economic events, check out our economic calendar.