Silver Price Prediction – Silver Markets Continue To Face The Same Headwinds

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Technical analysis of silver markets

Silver markets rose during Thursday’s trading session as we continue to see a lot of volatility in the markets as a whole. Silver is volatile at the best of times, so it only makes sense that this market would find itself trying to jump to the $22 level again. The $22 level is an area that has been like a magnet for price, so it wouldn’t surprise me at all to see a bit of hesitation. If we were to break above this level, the market will also face the 50-day EMA.

All things being equal, this is a market that continues to see downward pressure, especially since we have just formed a significant “H-pattern”. If we were to break above the 50-day EMA, it could open up a bigger move, and breaking above the $23 level could turn things around. That being said, the market should be heavily influenced by the bond market and, of course, the US dollar. Pay attention to the US dollar index, it has a huge negative correlation with silver most of the time.

On the downside, the market’s drop below the $20.50 level opens up further selling and perhaps an attempt to drop down to the $20 level. Breaking there again opens up significant selling pressure and sends the silver market into a tailspin. At this point, I think it’s more likely than not to be a “fade the rallies” market.

Silver Price Prediction Video 17.06.22

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This article originally appeared on FX Empire

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