Silver Price Forecast – Silver Continues to See Resistance Above

Silver Markets Technical Analysis

Silver markets have initially tried to rally during the session on Tuesday but have also given back quite a bit of gain almost immediately. This is a market that does not seem to be willing to take off to the upside for a bigger move, especially as the US dollar continues to strengthen. It’s worth noting that we formed a massive hammer on Thursday, and that hammer being broken to the downside would be a very negative turn of events indeed. That would have silver more likely than not going down to the $15 level, possibly even down to the $12 level.

Alternatively, if the market breaks above the candlestick for the trading session on Tuesday, then it’s more likely than not we are going to test the $19 level, an area where I would expect to see quite a bit of selling pressure. In fact, I would be even more interested in shorting silver in that area. The 50-Day EMA is breaking down, and therefore we need to pay close attention to that indicator if we do in fact reach it. At this point, I don’t necessarily believe that we are going to, based on the price action during the day on Monday.

Pay attention to the US Dollar Index, because it will give you an idea of where silver could go. It has a huge negative correlation to this market, and therefore you need to know exactly what’s going on with monetary flow, and exactly how people feel about taking risk. Remember, silver is an industrial metal more than a precious one.

Silver Price Forecast Video for 07.09.22

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