Silver Price Forecast – Silver Markets Drift Lower

Silver Markets Technical Analysis

Silver markets have drifted a little bit lower during the trading session on Tuesday as we continue to drift toward the $18.00 level. The $18.00 level is very likely to see a lot of buyers, and it is a major support level. If we were to break down below the $18.00 level, it’s likely that we could go much lower. At that point, the market could very well drop to the $15.00 level, followed by the $12.00 level.

If we turn around and rally, the $19.00 level and the $19.50 level could be resistance. Above there, we have the 50-Day EMA sitting just below the $20.00 level. I think all of those could cause serious problems for silver, especially considering that the economy should slow down. Yes, there’s a lot of inflation but at the same time, central banks are doing everything they can to fight inflation, which of course means slowing down the economy.

Ultimately, this is a market that I think continues to see a lot of volatility, and therefore it’s likely that we continue to see the silver market suffer a bit, as volatility is something that traders tend to run from, especially in this market which is volatile under the best of circumstances. Short-term rallies should end up being selling opportunities, but if we do break down below the $18.00 level, then I short there as well. I don’t really have any interest in buying silver at the moment, and if I did choose to buy metals, it would almost certainly be gold over silver, palladium, or even platinum. We will have to see how the $18.00 level acts, because that is going to be crucial.

Silver Price Forecast Video for 31.08.22

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