Silver Price Prediction – Silver Gives Up Gains Near The $22 Level

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Technical analysis of silver markets

Silver markets initially rallied during Monday’s trading session but then ran into trouble at the $22 level. At this point, the $22 level deserves special attention because it was once so strongly supported, and now “market memory” kicks in and opens up the possibility of selling pressure. The $22 level has been important on several occasions, so I just don’t see how things will change anytime soon.

Given enough time, it is very likely that we will bottom again, as the market has been in such a downtrend. Keep in mind that the US dollar has been pretty strong, and that works hard against the value of money itself. Beyond that, we have to wonder whether or not there will be an industrial demand for silver, as it is not just a precious metal. Given enough time, I think silver sells on every rally, and if you explore shorter timeframes, there’s a rising wedge that’s threatened at the same time. All things being equal, this is a market that I don’t think you can be a buyer of any time soon.

The alternative scenario is that we are taking on the upside, but we would need to see silver break out of the $23 level to change the overall attitude. If the market breaks through the $23 level, it is possible that we could go much higher, but it would take some change in momentum and a bit of Herculean effort for that to happen.

Silver Price Prediction Video 24.05.22

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