Silver Price Forecast – Silver Markets Pull Back From the Crucial $22 Level

Silver Markets Technical Analysis

Silver markets have tried to break above the $22 level but failed and now look likely to continue seeing a lot of trouble. At this point, the market is more likely than not going to continue lower, as we see the US dollar continue to strengthen longer-term. That being said, there is also the industrial component when it comes to silver, so you need to pay close attention to the fact that we are slowing down. If there is going to be a slowdown in demand, then it stands that silver will get whacked.

On the other hand, if we were to turn around a break above the $22 level, then we could send the market looking to the $23 level. The 50 Day EMA sits just above and is shrinking, so it should offer quite a bit of resistance. Nonetheless, this is a market that continues to see plenty of reasons to go lower and breaking below the $22 level signifies that we could very well go down to the $20 level. We recently had the “death cross” occur, when the 50 Day EMA breaks below the 200 Day EMA.

If you are looking for protection from inflation, you are not going to find it in silver. After all, silver is an industrial metal more than it is a precious metal, and if we are going to have some type of massive economic slowdown, the demand for silver will obviously drop. The $20 level makes a nice target, and it is worth noting that it is an area that has been important multiple times in the past.

Silver Price Forecast Video 23.05.22

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