Silver Price Forecast – Silver Continues to Threaten Major Resistance Barrier

Silver Markets Technical Analysis

Silver has pulled back a bit during the trading session on Monday, as the $22 level above continues to offer a lot of resistance. The 200-Day EMA sits below and could offer a significant amount of support, so essentially, we are looking at the $21 level underneath could offer support, right along with that indicator and of course the $22 level could offer significant resistance. Keep in mind that the market continues to see a lot of noisy behavior, especially as silver has such a significant number of different factors that make it move around.

The industrial demand of silver will be something worth paying close attention to, because quite frankly if we are going to see the economy slow down, it’s very difficult to suggest that we are going to see a lot of demand for silver from an industrial standpoint, but we have had a push higher in precious metals overall due to the fact that inflation has dropped a bit. Nonetheless, you need to pay close attention to not only the US dollar, but also the interest rates coming out of America, because that has a major influence on this market, as the negative correlation is quite high.

If we were to break down below the 200-Day EMA, essentially the $21 level, then it’s likely that the $20 level underneath would be potential support, especially as the 50-Day EMA is approaching that same area. We have recently seen an explosive move higher, but if we were to go into that area, it’s likely that we see this market drop back down. Ultimately, this is a situation where we see volatility more than anything else.

Silver Price Forecast Video for 15.11.22

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