Silver Price Forecast – Silver Get Hammered Due to Dollar StrengthThe silver markets broke down significantly during the trading session on Monday. We have sliced below the $26 level, which is a large, significant figure.
Silver markets have got absently crushed during the trading session on Monday to kick off the week, reaching down towards the 50 day EMA. The 50 day EMA underneath of course is a technical indicator the people will be paying attention to, but if we break down below there it is likely that we could go to the $25 level. The size of the candlestick of course is important to pay attention to as well because it is so long. Picking up the volatility in the momentum in the downward direction dollars of course suggests that we probably have further negativity, at least in the short term.
SILVER Video 22.09.20
The $25 level is of course a large, round, psychologically significant figure, and of course the $24 level underneath there will be important as well. To the upside, if we were to recapture the $26 level, it is likely that the market could try to go back towards the $28 level. Pay attention to the US dollar, because it will lead the way going forward. If the US dollar continues to strengthen quite drastically, the silver markets will continue to fall. Do not get me wrong, I have no interest in whatsoever when it comes to shorting this market, so I am looking for opportunities to pick up silver “on the cheap.” It has gotten way ahead of itself, and it is worth noting that gold looks very similar. That being said, we should have quite a bit of negativity in general, but I do think that eventually we will get a certain amount of value in the precious metals.
75% of retail CFD investors lose money
For a look at all of today’s economic events, check out our economic calendar.