Silver Price Forecast – Silver Markets Continue to Plunge

Silver Markets Technical Analysis

Silver markets have plunged again during the trading session on Monday, as we continue to see a lot of US dollar strength. By doing so, the market suggests that they are going to continue to sell off silver as it is highly sensitive to the US dollar and of course the interest rates in the United States. That being said, the market looks as if it is ready to go looking to fill the bottom of the gap, just underneath from a couple of weeks ago.

A breakthrough there, then there is very little to keep this market from dropping down to the $18.00 level. The $18 level has been important more than once, as we have bounced from there not only just a couple of weeks ago, but the last several years. If we break down below the $18 level, then the market is likely to go down to the $17 level.

Rallies at this point would end up being short-lived from what I can see, and I think it is probably going to be a “fade the rallies” type of situation. The 50-Day EMA sits at the $20.19 level and is dropping rather drastically. As long as the US dollar remains strong, silver will continue to struggle in general. Furthermore, you have to keep in mind that the economy seems to be slowing down, and that will drive down the demand for silver.

Ultimately, the market is likely to see a lot of back-and-forth, but I still think that we have a lot of negativity ahead of us. However, if we were to break above the $21 level, that could change everything, perhaps even leading to an uptrend.

Silver Price Forecast Video for 23.08.22

For a look at all of today’s economic events, check out our economic calendar.