Silver Weekly Price Forecast – Silver Markets Continue to Hang on to the 200 Week EMA

Silver Weekly Technical Analysis

Silver markets have fallen a bit during the trading week but have found buyers again to stabilize things. At this point, the market looks as if it is threatening to break down significantly, and you need to pay attention to the $20.50 level, as it has offered support multiple times. Because of this, if we break down below there I think that once you get to the $20 level, you find even more support. Anything below the $20 level signifies that the silver market is going to fall apart. At that point in time, I’m not sure where we go, but I think $18 would be a given.

If we turn around and rally, it’s not until we break up on the $22.50 level that the market could go higher, and at that point, I would consider silver as something that is investable. At that move, you could be looking at the 50 Week EMA as a potential target. Right now, it’s at the $23.61 level.

Keep in mind that silver has a negative correlation to the US dollar, so pay attention to the US Dollar, because it will give you an idea as to whether or not the currency market is working with or against the silver market. Ultimately, I think silver is going to continue to struggle at the hands of the bond market, but eventually we will get a reversal. Once we do, this is going to be an explosive market.

Keep in mind that the silver market also has an industrial component to it, so it’s not just a “precious metal.” With this, I think you have to keep in mind the demand destruction that is going on.

Silver Price Forecast Video 20.06.22

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