Silver Price Forecast – Silver Markets Have a Wild Ride

Silver Markets Technical Analysis

Silver markets have been all over the place during trading on Tuesday as traders have come back to work in the United States. By being as volatile as they are showing just how much uncertainty there is in the market at the moment. Remember, silver is not just a precious metal, but it is also an industrial metal. Because of this, there are a lot of crosscurrents at the moment that can cause quite a bit of volatility. Quite frankly, I do not like silver at the moment due to the fact that the US dollar is so strong.

The $22 level seems to be a magnet for both buyers and sellers, and therefore I think it is probably only a matter of time before we see quite a bit of volatility every time, we cross it. It appears that there is a lot of work to be done to the upside if we are going to try to break out, and the recent balance, albeit somewhat impressive, when you look at it from the longer-term standpoint is lacking, to say the least.

Because of this, I think it is only a matter of time before we sell off again, and on the downside, I would be looking at a potential move down to the $20 level. However, if we were to break out to the outside, if we cleared the $23 level on a daily close, then I could make an argument for more of a substantial rally. I don’t necessarily think that’s going to be the case, but it is a possibility you need to keep in the back of your mind.

Silver Price Forecast Video 01.06.22

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