Silver Price Forecast – Silver Markets Hanging at About $18

Silver Markets Technical Analysis

Silver markets have been noisy during the trading session on Wednesday, as we continue to hang around the $18 level. The $18 level of course is an area that has been important several times and is a large, round, psychologically significant figure. Because of this, I look at this through the prism of an opportunity. And every time we rally, I think we will more likely than not see sellers come into the picture and try to push silver back down to the $18 level.

It’s worth noting that $18 has been important on long-term charts, and if we can get a clean break below there, then it’s possible that the market will find a reason to break down significantly, perhaps reaching all the way down to the $15 level. After that, I would start to look toward the $12 level, which is a longer-term support level.

On the other hand, if we were to break cleanly above the 50-Day EMA, then you can start to think about a move to the $20 level. Breaking above the $20 level would be a very bullish sign, and could send traders back into this market. We would need to see the US dollar take a bit of a breather though, something that I just don’t see happening right now. With that being the case, more likely than not going to be a situation where I’m looking to fade rallies as they occur. The market will continue to be very noisy and therefore you need to be cautious with your position sizing.

Silver Price Forecast Video for 08.09.22

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