Silver Price Forecast – Silver Tests the 200-Day EMA

Silver Markets Technical Analysis

Silver has gapped lower to kick off the trading week, after having such a massive candlestick on Friday. At this point, the market is threatening the 200-Day EMA, which of course attracts a lot of attention in and of itself. The market has been trading in a very sloppy and choppy range for a while, and I think this is simply going to be more of the same. With that being said, the market is probably going to continue to see a lot of reasons to move quite violently, not the least of which of course will be the US dollar.

A further concern will be the interest rates in the United States, which of course are all over the place but generally strong. If that’s going to be the case, it does tend to work against silver, and therefore you need to keep that in mind. Also, you also need to understand that silver is just as much an industrial metal as it is a precious metal, and therefore realize that if the global economy is going to slow down, it’s very likely that demand for silver will as well.

While this latest move was extraordinarily bullish, it is somewhat telling that we are just hesitating here. If we can break above the 200-Day EMA, then we could go to the $22 level. On the other hand, if we were to break down from here, we could go looking to the $20 level, which is an area that is not only psychologically important, but has caused a lot of noise in the past as well.

Silver Price Forecast Video for 08.11.22

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