Silver Price Forecast – Silver Markets Plunge
Silver Markets Technical Analysis
It’s worth noting that there’s a gap just below the current pricing of silver, at least in the futures market. Because of this, it’s not overly surprising that the market has fallen down in this area, looking to fill a major gap from several weeks ago. At this point, it looks like we will fill the gap rather soon, perhaps down to the $18.50 level. If we break it down below there, then the $18 level is also important, as it is a large, round, psychologically significant figure, and an area where we have recently seen a lot of support.
If we rally from here, I think it’s probably only a matter of time before we see some type of exhaustion above, especially near the $20.00 level. This is a market that has been very noisy for some time, but now it looks like the interest rate situation and the strengthening US dollar is finally coming into the mix yet again, to pummel not only silver but its cousin, gold. Ultimately, this is a market that I think continues to see a lot of downward pressure, and if we can break down below the $18.00 level, that probably kicks off the next great leg lower. In that scenario, it’s very possible that we could see silver get absolutely smoked.
As far as buying is concerned, we need to break the structure above the $20.88 level to be bullish, and even then I think it’s a bit of a fight at this point. Anything above the $22 level would be a major shift in overall trend and attitude.
Silver Price Forecast Video for 22.08.22
For a look at all of today’s economic events, check out our economic calendar.