Silver Price Forecast – Silver Gives Up Gains Near the $22 Level

Silver Markets Technical Analysis

Silver markets initially rallied during the trading session on Monday but then ran into trouble at the $22 level. At this point, the $22 level is something worth paying attention to because it has previously been so heavily supported, and now “market memory” comes into the picture and opens up the possibility of selling pressure. The $22 level has been important multiple times, so I just do not see how things change anytime soon.

Given enough time, is very likely that we reach the bottom again, as the market has been in such a major downtrend. Keep in mind that the US dollar has been rather strong, and that works hard against the value of silver itself. Beyond that, we have to worry about whether or not there is going to be industrial demand for silver as well, as it is not just a precious metal. Given enough time, I do think that silver sells off on every rally, and if you drill down to smaller time frames, there is a rising wedge that is being threatened at the same time. All things being equal, this is a market that I think you cannot be a buyer of anytime soon.

The alternate scenario is that we do take out to the upside, but we would need to see silver take out the $23 level to change the overall attitude. If the market did break above the $23 level, then it is possible that we could go much higher, but it would take quite a bit of momentum shift and a bit of a Herculean effort to make that happen.

Silver Price Forecast Video 24.05.22

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