Silver Price Forecast – Silver Markets Continue to Break Down
Silver Markets Technical Analysis
Silver markets look as if they are ready to fall rather significantly, as we have seen a massive amount of downward pressure during the trading session on Tuesday. With the US dollar strengthening the way it has, this should not be a huge surprise as we are seeing the US dollar destroying everything in its path. At this point, the trend in the silver market should be obvious, so I just don’t see an argument for going long anytime soon. Ultimately, I think this is a scenario where you are looking to fade any rallies that occur.
Silver markets have been pummeled for some time, and now it looks like we are ready to continue the overall malaise that was formed by the “H pattern” in the market. The measured move is for a drop to the $15 level, and quite frankly I think that probably makes a lot of sense considering everything that is going on in the world currently. I don’t have any interest in trying to get too cute with this market, so although I’m not willing to chase it all the way down here, I certainly am not looking to buy any bounds. Rallies that show signs of hesitation will be jumped upon, as the trend is most clearly negative.
The 50 Day EMA sits at $21.89 and is dropping, suggesting that dynamic resistance is starting to drop as well. We would need to take out the $22 level above to begin to look bullish, which is something that I don’t see happening anytime soon. At this point, I’m fading rallies and doing nothing more. I have no interest in trying to short down here, although it could continue dropping the way it has.
Silver Price Forecast Video for 06.07.22
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