Silver Price Forecast – Silver Markets Continue to Struggle
Silver Markets Technical Analysis
Silver markets have gapped lower to kick off the trading session on Wednesday as we continue to see a lot of noise around the $20.00 level. Furthermore, we have the 50 Day EMA in the same general vicinity, so therefore I think it makes a certain amount of sense that we have run into trouble. Beyond all of that, we also had previously seen support in this region, so I think all of this put together lines up for an area where you would anticipate a bit of trouble.
If we were to break above the $20.50 level, then it’s possible that we could see this market go much higher. At that point, the market is likely to continue looking to reach the 200 Day EMA, which sits just below the $22.50 level. In general, that will have to have a bit of help from the interest rate markets, seeing them drop. Ultimately, this is a market that I think given enough time will have to make a bigger decision, but in the short term, it looks like we are going to continue to see hesitation. The $19 level underneath is the top of a gap that has yet to be filled, so that might be what we need to do in order to build a long-lasting base.
Looking at this chart, I think the only thing you can count on is a lot of volatility. It will also be the case as we head into the jobs number on Friday. It looks like we are favoring the downside, but that doesn’t necessarily mean that it’s going to be an easy move.
Silver Price Forecast Video for 04.08.22
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