Silver Price Forecast – Silver Markets Slam Into Resistance

Silver Markets Technical Analysis

Silver markets have rallied rather significantly during the trading session on Thursday to break above the $22 level. The $22 level is an area that has been important multiple times, and therefore it’s likely that we would see a lot of noisy behavior in this area. You should keep in mind that the Friday session features the jobs number coming out of the United States, and therefore a significant amount of volatility should be expected. That being said, I believe this is a market that will continue to be very noisy and have to pay close attention to all of the selling pressure just above.

Silver is an industrial metal, so you need to keep in mind that the reopening trade is highly influential for the silver market. At this point, a lot of people are concerned about the economic slowdown that could be seen worldwide, and if that is going to be the case, silver is going to struggle. If you are trying to play the precious metals market based upon “safety”, then you are looking for the gold market.

You should also pay close attention to the US Dollar Index, as it is highly influential as well. There is a huge negative correlation between the DXY and silver, so you should always pay quite a bit of attention. The markets will more than likely be very volatile, but at this point, we are still very much in a downtrend so you need to look at this through the prism of selling. It is not until we break above the $23 level that I would be interested in going long.

Silver Price Forecast Video 03.06.22

For a look at all of today’s economic events, check out our economic calendar.