Technical analysis of silver markets
Silver markets fell hard enough in Monday’s trading session to breach the $22 level, but at the time of writing, it looks like we are doing all we can to support it. Ultimately, the market will continue to see a lot of noise in this area, but if we break below the $21.50 level, then silver markets will almost certainly crash quite drastically. If that were to happen, it would almost certainly be accompanied by a strengthening of the US dollar, which seems very possible.
However, any bounce at this point could end up being a great opportunity for traders to start shorting as we have seen so much negative pressure. The $23 level above will be an area that many people will pay close attention to. The 50-day EMA has just fallen below the 200-day EMA, suggesting that the so-called “death cross” may attract more sellers. If we were to break below the $21.50 level, the market is more likely than not to go for the $20.00 level.
If we were to break above the $24 level, it is possible that we would see a complete reversal, but at this point we would need to see the US Dollar start to lose a lot of its power and strength for that to happen. . . At this point, we could get a significant pullback from the greenback, but that’s about all I’m looking for.
Silver Price Prediction Video 10.05.22
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This article originally appeared on FX Empire