Silver Price Forecast – Silver Gives Up at $20

Silver Markets Technical Analysis

Silver markets have shot higher during the trading session on Tuesday, showing signs of strength yet again. At this point, the market looks as if it is going to continue to pay close attention to the $20 level, as it is a large, round, psychologically significant figure and an area where we have seen sellers in the past. With that being said, I think the market is more likely than not going to continue to show more of a range bound type of attitude, and with that I think we’ve got a potential selling opportunity.

This will be especially interesting on Wednesday, as the Federal Reserve comes out with its monetary policy statement. Keep in mind that the more hawkish the Fed is, the more likely you are to see silver selloff. Not only does that work against the overall value of silver as the US dollar strengthens, it also brings down the possibility of a lot of industrial demand if the economy is in fact going to slow down. In this general vicinity, it’s very likely that we will see a lot of choppy behavior, but I do think that we are closer to selling that we are buying.

Even if we were to break above the $20 level, the 200-Day EMA at the $20.98 level will almost certainly attract a lot of attention as well. On the downside, the $18 level continues offer a bit of a floor in the market, so breaking down below that would signal fresh selling pressure, and therefore I think you would see this market drop down to $15 based upon historical levels.

Silver Price Forecast Video for 02.11.22

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