Technical analysis of silver markets
Silver markets rallied significantly during Wednesday’s trading session as we await the announcement from the Federal Reserve. Quite frankly, this is a relief rally that I’m looking to short out as the US Dollar will continue to strengthen longer term. Markets will continue to see a lot of volatility, but it looks to me like the $22 level is going to offer significant resistance, just as it has many times. I will look for signs of exhaustion, then jump to the short side.
If we break above the 50-day EMA near the $22.57 level, it could open the possibility of a move to the $23 level. The $23 level is a large, round and psychologically significant number which I believe is the point where we begin to reverse the overall trend. I don’t see that happening, so at this point I think it’s only a matter of time before you have a nice opportunity to go short. At this point, the market is likely to see the market retest the lows as global demand will almost certainly continue to fall, due to the fact that it is also an industrial metal as well as a metal precious. Ultimately, I think we’ll see more negativity.
Once the Federal Reserve announcement comes out we will see a lot of volatility in this market but frankly I just don’t see how silver has rallied significantly unless of course the Federal Reserve ends up easing its monetary policy, which is never the case. will be coming soon. The disappearance of rallies continues to be my mantra.
Silver Price Prediction Video 16.06.22
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