Technical analysis of silver markets
Silver markets rallied during Wednesday’s trading session to the $22 level, an area that has been important on several occasions. This is an area that appears to offer significant resistance, so it will be interesting to see how silver performs in this general vicinity. This area has been both supportive and resilient, and has been very noisy for the past year or so.
When you look at the candlestick, you can clearly see that the $22 level was exactly where we had been slowing down, so it will be interesting to see if that continues to be the case. I think it’s also worth noting that the $22 level is important on the longer-term charts, so it makes sense that the market has reacted to it on several occasions here recently. For this reason, I think you continue to look for signs of exhaustion that you can sell because the market looks so vulnerable.
As for buying, I have no interest in buying silver until we can break above the $23 level as industrial demand is gutted at the moment which cannot be overstated . If you are looking to buy precious metals, you will be much better served trying to buy gold, as the industrial component of the metals will continue to cause major problems. Ultimately, I think this is a longer-term struggling market, and so I wouldn’t be at all surprised to see silver looking to hit the $20 level in the longer term.
Silver Price Prediction Video 06.06.22
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This article originally appeared on FX Empire