Silver Price Forecast – Silver Markets Pull Back a Bit

Silver Markets Technical Analysis

Silver markets have pulled back a bit during the trading session on Tuesday to sit on top of the $20.50 level. This is an area that has been important more than once, so it’ll be interesting to see how this plays out. After all, we have the CPI numbers coming out on Wednesday which will greatly influence where people think the Federal Reserve is going to be. With that being said, the market will be very noisy over the next couple of days, as we tried to figure out whether or not inflation is going to continue to rise. If it does, then the Federal Reserve may be forced to tighten quite drastically.

Keep in mind that the 50 Day EMA sitting just below can have a major influence on this market, just as interest rates coming out of the Fed will. Because of this, I think it’s a bit early to try to make a move in this market, because of all the volatility that will certainly be around Wednesday morning in the US. That being said, I think you can take a look at the candlestick from the session on Monday as a bit of a guide. If we close above the top of the candlestick on Wednesday, then I think the silver market has a real shot at trying to reach the 200 Day EMA. On the other hand, if we turn around and break down below the bottom of the candlestick, then it’s likely that the downtrend in silver will continue.

You should also keep in mind that silver is an industrial metal, not necessarily a precious one like you have been led to believe.

Silver Price Forecast Video for 10.08.22

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