Silver Price Forecast – Silver Markets Pulled Back to Find Buyers
Silver Price Forecast Video for 22.11.22
Silver Markets Technical Analysis
Silver markets have pulled back during the trading session on Monday, only to turn around and show signs of life again. Ultimately, this is a market that is trying to figure out whether or not there are buyers underneath that will support this market. It certainly looks as if we are trying to pick our feet up and go higher. The 200-Day EMA sits right around this area as well, so that attracts a lot of attention to say the least.
If we do break down below the bottom of the candlestick for the trading session on Monday, that could open up a move down to the 50-Day EMA, which is just above the $20 level. $20 of course is a large, round, psychologically significant figure, and an area where a lot of people will be paying close attention to. By breaking through there, it would be a collapse of silver, and we could go much lower at that point, perhaps reaching down to the $18 level. The $18 level has to hold, otherwise silver will completely fall apart, and we could go all the way down to the $12 level.
Pay close attention to the interest rate situation in the United States, because it does tend to have a huge negative correlation with this market. Because of this, you need to pay attention to everything all at once, as market participants continue to pay close attention to the bond market in general. Ultimately, silver is an extraordinarily volatile market under the best of circumstances, so having said that it’s not a huge surprise to see that we are chopping around in this area.
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