Silver Price Forecast – Silver Markets Continue to Consolidate Around $22

Silver Markets Technical Analysis

Silver continues to be very volatile, and therefore it makes a certain amount of sense that we continue to hang around the $22 level. The $22 level is an area that a lot of people will be paying close attention to, as it has been important multiple times. We look to the left on the chart, you can see just how important it was for support, and now it should have a certain amount of market memory attached to it.

Because of this, I would anticipate that there are both buyers and sellers getting involved, as a lot of order flow is found there. If we can break above the $23 level, that would be extraordinarily bullish for the silver market, allowing it to go to the 200 Day EMA, perhaps even the $26 level over the longer term.

On the other hand, if we were to break down below the $21.50 level on a daily close, that will almost certainly open up fresh selling in the silver market, perhaps sending it down to the lows again. Eventually, we could very well see silver attempt to get to the $20 level. Anything below there would be disastrous for silver.

Pay attention to the US Dollar Index, as it has a negative correlation to this market, and therefore the US dollar starts to take off to the upside, that will more likely than not work against the value of silver, so you can use it as a secondary indicator. Either way, I still believe that fading short-term rallies until proven incorrect in this market.

Silver Price Forecast Video 09.06.22

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