Silver Price Prediction – Silver Hits New Low

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Technical analysis of silver markets

Silver markets fell significantly during Thursday’s trading session as we continue to see the US Dollar act as a wrecking ball against most commodities. The silver market is of course very volatile and sensitive to the US dollar, so this is all pretty much tied together. At this point, it looks like silver will eventually seek to reach the $20.00 level, but might bounce occasionally in the meantime. Ultimately, I have no interest in buying silver, and I believe that eventually we may fall below the $20 level.

If we fall below, it is likely that the market will be very loud before crashing again. Ultimately I think it’s a scenario where once we drop below the $20 level it’s very likely that we’ll turn around and recover, only to be crushed and brought back to the $18 level. Once we get there, we will likely move into the $15 level. Quite frankly, as long as interest rates rise in America and the US dollar strengthens, there is no real opportunity for silver to go up. Beyond that, there are a lot of concerns regarding the industrial use case scenario, which seems unlikely at best.

As long as we find ourselves in a situation where the economy is slowing down, it is very likely that we will continue to see silver suffer. I don’t believe silver has any real hope at this point, so I view the rallies as an opportunity to start shorting again. It’s only when we break above $22.50 that I think you need to take a rally seriously.

Silver Price Prediction Video for 01.07.22

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This article originally appeared on FX Empire

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