Silver Price Forecast – Silver Markets Continue to Swing Wildly

Silver Markets Technical Analysis

Silver has fallen rather hard during the trading session on Friday, reaching down to the $19.00 level. However, we have bounced from there to recapture the 50-Day EMA, so that of course is a relatively bullish sign. At this point, I think it’s only a matter of time before we see an attempt to recover a bit more, but there’s obviously a lot of resistance just above that could come into the picture and pressure silver to the downside. Furthermore, the $20.00 level will obviously be an area of concern, so that psychologically important level, and of course an area where we had seen selling previously, could come into the picture and keep the market somewhat suppressed.

Furthermore, there’s a lot of concern out there when it comes to industrial demand, as the market has been dealing with a slowing economy. That’s not going to change anytime soon, so I do prefer to short silver, not necessarily buy it. Given enough time, I think we’ve got a situation we could go down to the $18.00 level, an area that has been massive support multiple times. If we were to break down below there, then the market is almost certainly going to fall apart.

Regardless, if I was going to buy a precious metal at this point, it would more likely than not be gold, as silver has the industrial component that is going to be working against them. Furthermore, the volatility of silver makes it much more difficult to hang onto in these times, so quite frankly I don’t see the need to do so. In fact, my favorite trait for silver is that when the US dollar rises, I short silver, but when the US dollar falls, I buy gold.

Silver Price Forecast Video for 31.10.22

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