Silver Price Forecast – Silver Markets Balance After an Initial Selloff

Silver Markets Technical Analysis

Silver markets have been very volatile during the trading session on Wednesday as we continue to see a lot of questions when it comes to the overall attitude of the market. After all, silver is an industrial metal, and therefore I think it makes quite a bit of sense that there is hesitation to go “all in” when it comes to silver because there are so many different things that influence it.

Looking at the size of the candlestick, it is rather volatile, and it shows a bit of a hammer forming. The hammer suggests that there are buyers underneath. The $22 level is an area that is a large, round, psychologically significant figure, and an area where we have seen a lot of action in both directions. The 50 Day EMA sits just below the $22.50 level and is drifting lower. The market has been forming a larger “H pattern”, and that is a very bearish sign. Ultimately, this is a market that I continue to fade rallies that show signs of exhaustion.

If we did break above the 50 Day EMA, then it’s possible that we could go looking to the 200 Day EMA, which is sitting at the $23.50 level. The $23.50 level is an area that will attract a lot of attention, and therefore I think we are looking at this as a situation where it’s going to take a lot to send this market higher for any significant amount of time, which is something that I do not expect to see. However, if we did turn things around, it could lead to a vicious “bear market rally” going forward, but I give that about a 20% chance at best.

Silver Price Forecast Video for 23.06.22

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