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Silver Price Forecast – Silver Showing Signs of Exhaustion

By:
Christopher Lewis
Updated: Nov 9, 2022, 17:09 UTC

Silver has had a very choppy trading session during the day on Wednesday, as we continue to see plenty of noisy behavior.

Silver FX Empire

In this article:

Silver Markets Technical Analysis

Silver has gone back and forth during the trading session on Wednesday, as we continue to see a lot of confusion when it comes to interest rates and of course the US dollar itself. Keep in mind that both of those markets work against the value of silver in general, and with that being the case is very likely that we will continue to see a lot of volatility overall. At this point, the technical analysis suggests that the $22 level above is going to be resistance, and a difficult area to get above. If we were to break up above, then it would obviously be very bullish for silver.

On the other hand, if we turn around and break down below the 200-Day EMA, then it’s likely that the market is looking to the $20 level underneath for the next support level. 50-Day EMA sits underneath there and looks as if it is ready to try to rally toward that area, perhaps offering a bit of a short-term floor. If we break down below that level, then it’s likely that the market really starts to break down and silver heads to the $18 level.

At this point, the only thing you can count on is that it’s going to be a lot of noisy behavior, which is quite typical for silver to begin with. CPI numbers come out on Thursday and will be parsed closely by the market as traders begin to try to price in what the Federal Reserve will do going forward. It’s quite astonishing to me that people still think that the Federal Reserve is going to back off, as they continually state that they are not going to. Reality may be coming on Thursday.

Silver Price Forecast Video for 10.11.22

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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