Silver Price Forecast – Silver Markets Await the Jobs Number
Silver Markets Technical Analysis
Silver markets have done very little during the trading session, as we continue to see a lot of back and forth. It’s not a huge surprise to see the market get quiet, because we are going to have the Non-Farm Payroll numbers coming on Friday, which of course makes a huge difference in how the market will behave. At this point, I would keep an eye on the 200-Day EMA which is currently sitting at the $21.35 level. That should offer a little bit of a resistance barrier, so pulling back from there would make a certain amount of sense and could send the market back into a bearish attitude.
However, if we were to break above the 200-Day EMA, it opens up the possibility of a move to the $22 level. Any break above the $22 level, could send this market much higher, allowing us over to take off to the upside. Keep in mind that the silver market is highly sensitive to industrial demand, as it is so highly sought after by green technologies and many other industries. In other words, it will need some type of economic strength to continue going higher up in the longer term. Yes, it is a precious metal, but it is also an industrial one and that’s the part most retail traders forget.
If we turn around and break down below the $20 level, that would be a nice signal that we are going much lower, as it had been so solid and important during the trading session on Wednesday. At that point, we could find this market dropping all the way back down to the $18 level.
Silver Price Forecast Video for 07.10.22
For a look at all of today’s economic events, check out our economic calendar.