Silver Price Forecast – Silver Markets Continue to Test Resistance

Silver Markets Technical Analysis

Silver markets have rallied a bit during the trading session on Monday to break toward the $22.50 level. That being said, we have also given up some of the gains at the very highest of the day, so does suggest that perhaps we have plenty of resistance still waiting for the sellers.

Silver is going to be a bit tricky to trade at this moment, mainly due to the fact that although some people consider to be a precious metal, it is also highly tied to the real economy. Economic numbers are all over the place, and of course, this causes a lot of chaos when it comes to industrial metals. At this point, it looks like we need to see a daily close above $22.50 to become serious about going long of this market. If we were to see that signal fire off, the 200 Day EMA could come into the picture.

That being said, I still believe it’s going to be much easier to sell this market on signs of exhaustion, as it had been so negative previously. The relief rally has been very choppy in comparison to the move lower, so that leads me to believe that there is further downside ahead they could come into the picture. Because of this, I believe the market is more likely than not going to have to figure out what the actual demand may be, and therefore take it from there. The downside certainly looks as if it is much more likely, so I will be looking for signs of exhaustion to fade on shorter-term charts until this market proves itself to me.

Silver Price Forecast Video 07.06.22

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