Silver Price Forecast – Silver Markets Sliced Through Support
Silver Markets Technical Analysis
Silver markets have fallen during the trading session on Friday as the jobs number came out much hotter than anticipated, with America adding over 500,000 jobs during the month of July. We now have to pay close attention to the Federal Reserve and whether or not they continue to tighten monetary policy, which ironically enough they have been begging Wall Street to pay attention to that reality all week. Now that we have gotten this news, it looks like Wall Street has gotten the message.
That being said, we are still in a downtrend, to begin with, so we need to pay close attention to that. For what it’s worth, we have bounced about $0.30 from the bottom, so that shows that there is at least some resiliency here. The 50 Day EMA sits just above, and it’s likely that the market will continue to see a lot of dynamic resistance in that general vicinity.
If we can break above the $20.50 level, then it’s possible that we could see the market rally a bit, perhaps reaching to the $22 level, but that’s obviously the best case scenario. As long as interest rates continue to climb, and therefore the US dollar does the same, it’s very likely that we will continue to see silver struggle. Furthermore, you have to worry about whether or not there is going to be industrial demand for silver because if we are heading into a Fed-induced recession, that means that there will be less demand for the metal from an industrial standpoint. Regardless, this is a market that I think remains very noisy to say the least.
Silver Price Forecast Video for 08.08.22
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