Silver Price Forecasts – Silver Markets Crash On Thursday


The silver market fell quite sharply during Thursday’s trading session as we hit the $ 22 level as US interest rates continue to climb. A strengthening US dollar and, of course, interest rates are doing serious damage to metals, especially silver which is particularly destined for gold to begin with. For this reason, I think the market will more than likely continue to be under downward pressure. Whether the $ 22 level can hold up or not is a completely different question, as this is an important area from a technical analysis standpoint, and of course the fact that the market is attracted to these big numbers anyway. .

SILVER Video 01/07/22

If we do a turnaround from here the market could go up another $ 0.50, but frankly the money is so fickle it’s really hard to get too excited about it. If we do get an upward movement the most obvious resistance area is around the $ 23 level so maybe we are trying to widen a range a bit but it should also be noted that the real support has been found a little closer to the $ 21.50 level. This is a market that I think will eventually have to be decided in the longer term, so keep that in mind. The silver market is very sensitive to the latest indices of industrial demand, which also makes investing in gold a little different. All other things being equal, there is a huge negative correlation between the US dollar index and silver, so watch out for that as well.

Source link


Comments are closed.