Silver Price Forecast – Silver Markets Get Hammered on Thursday

Silver Markets Technical Analysis

Silver markets have fallen significantly during the trading session on Thursday as we continue to see plenty of pressure in the bond markets. As yields continue to rise, it will drive the price of silver down as long as that correlation holds. Furthermore, if the US Dollar continues to strengthen, that’s just a bit of a “double whammy” for silver. Ultimately, it looks as if we are getting ready to break down and go much lower, but the CPI numbers on Friday will almost certainly be the catalyst for the next move, so if it comes in extraordinarily hot, silver will get crushed.

On the other hand, if inflation numbers come in lower than anticipated, that might have people betting that the Federal Reserve will not be as hawkish as one side, and that could have a bit of a relief rally coming into the silver market. That being said, it’s not that we break above the $23 level that I would be convinced that the trend has changed completely. More likely than not, the market would reach the $21 level, perhaps even down to the $20.50 level. Breaking down makes quite a bit of sense due to the fact that we have seen a lot of negative pressure previously, and it would be a continuation of the overall trend.

At this juncture, you could make an argument for a little bit of a bearish flag, but I think it’s more or less the market just trying to retest the $22 level as market memory comes into the picture here. Ultimately, I am very negative on silver but I also recognize that things can change in the blink of an eye.

Silver Price Forecast Video 10.06.22

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