Silver Price Forecast – Silver Gaps Higher to Kick Off the Trading Week

Silver Markets Technical Analysis

Silver markets have gapped to the upside to kick off the trading week on Monday, as we are threatening the $19 level. That being said, there is a lot of resistance in this area, and it would not surprise me at all to see sellers jump into this market and price it to the downside. Even if we break above the $19 level, it’s possible that the $20 level could be targeted next. After all, the market will continue to look at silver with suspicion, because quite frankly it’s less of a precious metal, and more of an industrial one.

There are a lot of concerns about the global economy right now, and this is not an environment that is particularly conducive to higher silver prices. Because of this, I think we will continue to look for rallies that you can step into and start fading. The 50 Day EMA is now at the $21 level and dropping quite rapidly, so I believe that area is also another place where you could see sellers reemerge.

If we were to break down below the $18 level underneath, that could open up fresh selling to go much lower. Ultimately, this is a market that I think continues to be a “fade the rally” type of situation, unless of course, the Federal Reserve will suddenly change its monetary policy stance. I just don’t see that happening anytime soon, so silver remains a very weak market from what I can see. In fact, most commodities look very threatened in general.

Silver Price Forecast Video for 19.07.22

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