Silver Price Prediction – Silver Markets Have A Wild Ride After The Inflation Number

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Technical analysis of silver markets

Silver markets had a wild ride in Friday’s trading session after the US inflation (CPI) number came in much hotter than expected. Initially, the US dollar strengthened against everything, including the silver market. However, we have seen a recovery since then as traders reverted to the idea of ​​buying metals to hedge against inflation. Whether or not he can continue to rally is a whole other question, because quite frankly, we saw a lot of noise just above.

Speaking of that noise, it extends to at least $22.50, if not $23. In other words, even if we bounce back, I don’t necessarily think the market is ready to come back up. I intend to watch this market very closely as it approaches the $22 level as this is an area that has been pulling the price up a bit so I think you will continue to see a lot of volatility . It should be noted that the 50-day EMA sits at the $22.50 level and grants a decline, so at this point I think it’s probably only a matter of time before exhaustion n comes on the scene and begins to punish the market.

However, if we were to break above the 50-day EMA, and well above the $23 level thereafter, it is likely that the silver market could rally quite nicely. Quite frankly, if you’re going to buy metals to hedge against inflation, you’ll be better served buying gold and silver, because silver also has a strong industrial component to its price, because the silver is used in many green technologies. and other situations.

Silver Price Prediction Video 13.06.22

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This article originally appeared on FX Empire

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