Silver Price Forecast – Silver Pulls Back Again

Silver Markets Technical Analysis

Silver markets have pulled back a bit during the trading session on Monday as we continue to look at the 50-Day EMA as a bit of a magnet for price, and of course, we are sitting in an area that has had a significant amount of market memory in this general vicinity. The candlestick of course is rather ugly, and if we can break down below the $20 level on a daily close, it could kick off quite a bit of selling. Furthermore, if interest rates continue to show signs of strength, that could put downward pressure on silver as well.

Further exacerbating the issue is the fact that China seems to be slowing down, and of course, silver is an industrial metal. In other words, the question will be whether or not there is going to be enough demand for silver to keep prices high. At this point, it looks like the $21 level is a significant resistance barrier that’s going to be difficult to get above, and if we could then the market could go to the $22 level.

The market has been very noisy as of late, after shooting straight up in the air. The question now at this point in time is whether or not we have the possibility of falling hard enough to fill the gap underneath, which is near the $19.00 level. In that scenario, we have a pretty significant drop just waiting to happen. Pay close attention to the US dollar, it will have a lot to do with what happens next, because a strengthening US dollar typically works against the silver market in general.

Silver Price Forecast Video for 16.08.22

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