Silver Price Forecast – Silver Markets Bounce Ever So Slightly

Silver Markets Technical Analysis

Silver markets have bounced ever so slightly during the Friday session as we head into the weekend on a semi-positive note. However, I would point out that we are in an area that could be rather resistive, you could even start to look at this through the prism of a “rising wedge.” If the US dollar starts to take off again, then that will almost certainly send silver much lower.

You also have to keep in mind that demand for silver may drop if you start to head into a recession, as it is such a highly prized industrial metal. Breaking down below the $20 level could kick off quite a bit of selling pressure, and at that point, I think we would probably go down to the $19 level, which is also where we see a major gap come back into the picture.

If we were to break above the highs for the week, then it’s possible that the $21.50 level could be targeted, perhaps after that, we could look at the $22 level. The 200 Day EMA sits right around the $22.34 level. That is an area that the market should pay close attention to, and that’s probably the best case scenario for silver at the moment. However, pay close attention to the bond markets, due to the fact that a higher interest rate will drive the value of the US dollar higher, and the value of metals lower. That’s been the correlation for quite some time now, and until that changes, you need to keep an eye on both charts. Ultimately, it looks like we’ve got some work to do and in more of a sideways situation.

Silver Price Forecast Video for 15.08.22

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