Silver Price Forecast – Silver Market Skyrockets Awaiting the Federal Reserve

Silver Markets Technical Analysis

Silver markets have rallied significantly during the trading session on Wednesday as we are awaiting the Federal Reserve announcement. Quite frankly, this is a relief rally that I look to be shorting because the US dollar will continue to strengthen in the longer term. The markets will continue to see a lot of volatility, but it looks to me as if the $22 level is going to offer a significant amount of resistance, just as it has multiple times. I will be looking for signs of exhaustion and then jumping all over the short side.

If we do break above the 50 Day EMA near the $22.57 level, then it could open up the possibility of a move to the $23 level. The $23 level is a large, round, psychologically significant figure that I think is the point where we start to turn the overall trend around. I don’t see that happening, so at this point, I think it’s only a matter of time before you get a nice opportunity to get short. At this point, the market is likely to see the market test the lows again, as global demand will almost certainly continue to fall, due to the fact that it is also an industrial metal as well as a precious one. Ultimately, I think that we will see more negativity.

Once the Federal Reserve announcement comes out, we will see a lot of volatility in this market, but quite frankly I just don’t see how silver rallied significantly unless, of course, the Federal Reserve ends up loosening monetary policy, something that it’s never going to happen anytime soon. Fading rallies continues to be my mantra.

Silver Price Forecast Video 16.06.22

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