Silver Price Prediction – Silver Market Pullback

0

Technical analysis of silver markets

Silver markets initially rallied during Friday’s trading session but found enough noise near the $22.50 level to turn around. When interest rates in America rallied, they put significant downward pressure on silver. If there should be a growth problem, silver will be hammered as it is a very growth sensitive commodity. Remember that silver is an industrial product, so you should treat it as such. I know a lot of people hear that it is a precious metal, but the reality is that gold is used for this type of trading.

At this point, I think the market will break below the $22 level again and continue falling. In fact, it’s not until we break above the $23 level that I would seriously consider following the silver, so I view this as a scenario where you’re looking for signs of exhaustion to sell, just like we are. had during the Friday session. . On the downside, I expect us to fall below the $21.50 level, which should increase downward pressure, possibly sending silver to the $20.50 level.

Regardless of what happens next, you should consider this a struggling market, and while we’ve had a nice little balance over the past two weeks, the reality is that the selloff was brutal, and frankly we were due for some type of relief rally. It’s possible that we just saw this happen, and now the selling may continue to come into play and drive this market down.

Silver Price Prediction Video 06.06.22

For an overview of all of today’s economic events, check out our economic calendar.


Source link

Share.

Comments are closed.