Silver Price Prediction – Silver Markets Continue to Struggle

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Technical analysis of silver markets

Silver markets fell during Wednesday’s trading session as the area near $22 continues to play out. This is an area that was previously supported, but now it looks like we are going to see resistance. The market is obviously struggling and trying to determine whether or not it can continue its bullish momentum. It doesn’t seem likely to do so at this point, and of course silver is very sensitive to industrial demand. With the global economy looking set to slow, it’s hard to imagine a scenario in which demand for silver picks up.

You should also pay close attention to the US Dollar Index, which has a huge negative correlation with the silver market. For this reason, I think it’s probably only a matter of time before we see the money start to fall. Even if we were to rally from here, I don’t think you can take a rally seriously until we break through the $23 level. This also includes the 50-day EMA, which sits just above it. When you look at the chart at the $22 level, you can see how big it has been many times in the past, so it’s hard to imagine there will be some type of reaction in this area.

The $20 level below might be a bit of a longer term target, as we didn’t quite hit that zone last time around, but it was definitely the target. If we can fall below the $20 level, it is likely that this market will collapse quite drastically.

Silver Price Prediction Video 26.05.22

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This article originally appeared on FX Empire

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