Silver Price Forecast – Silver Continues to Test The Same Trendline

Silver Markets Technical Analysis

Silver markets have rallied significantly during the trading session on Wednesday to show signs of life again, but it appears that the downtrend line and the 50-Day EMA are both going to cause some problems, so therefore I think we are somewhat limited in our upward momentum. Furthermore, we also have to pay close attention to the Federal Reserve meeting later in the day, because it can come into the picture and show even more hawkish behavior. If that’s going to be the case, then silver is going to get crushed in the meantime.

Keep in mind that silver is a major industrial metal, so a lot of people will be paying close attention to that, with the idea of a slowing global economy weighing upon the bullish argument for silver. Furthermore, I think it’s probably only a matter time before we see the US dollar cause major issues as well. If we were to break down below the hammer from last week, then it opens up the possibility of a move down to the $18 level.

The $18 level is where we had bounced from significantly previously, and therefore it should offer a certain amount of support. Breaking down below that level could open up a move down to the $15 level, possibly the $12 level. I would be surprised if we break above the $20 level to the upside, but I suppose in that scenario would probably go looking for the $21 level, something that does not seem very likely.

Silver Price Forecast Video for 22.09.22

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