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Silver Price Forecast – Silver Markets Drift Lower

By:
Christopher Lewis
Published: Aug 30, 2022, 14:30 UTC

Silver markets have drifted a bit lower during the trading session on Tuesday but continue to see a little bit of support just underneath.

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In this article:

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

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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