Silver Price Forecast – Silver Continues to Threaten a Trend Line
Silver Markets Technical Analysis
Silver markets have gapped to the upside, kicking off the week on the right foot. However, we have turned around to show signs of exhaustion, and therefore it does make a certain amount of sense that we are paying close attention to this trendline. The trendline has been an area of extreme resistance as of late, especially as the 50-Day EMA sits right around the same place. Ultimately, I think this is a scenario where you are looking to see whether or not it can break out, but the 50-Day EMA, the trendline, and the $20 level all come into the picture at the same time.
If we can break above the $20.00 level, then it’s likely that we go much higher. However, I don’t necessarily think that’s going to happen right away, and I do recognize that this is a scenario where you are trying to figure out what to do with yourself from a longer-term standpoint. Breaking through all of that would obviously be a huge victory, but at this point, I do not think that we have the momentum to do so.
In fact, I will be watching with great interest to see if we break down below the $19 level because I think that could be the sign of fresh selling that a lot of people will jump on. After all, silver is a precious metal, but also an industrial one, so there are a lot of things going on at the same time here. The market will almost certainly continue to be noisy, and will pay close attention to the US dollar as there is a huge negative correlation.
Silver Price Forecast Video for 20.09.22
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