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Silver Markets Continue Sideways Dance

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·2 min read
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Silver Technical Analysis

Silver markets have fallen during the trading session on Monday to reach the $25 level before bouncing just a bit. Overall, this is a market that still has buyers underneath, but we have also seen quite a bit of noisy behavior. The $25.50 level has been a bit of a magnet for the price, so keep that in the back of your mind.

The US Dollar Index will continue to be something worth paying attention to because it does have a longer-term and rather strong negative correlation to the silver market. The silver markets also have to pay close attention to industrial demand, as the silver markets are especially sensitive to it. With that being the case, you need to pay attention to the overall economy in general. The markets continue to see a lot of choppy behavior, but it is worth noting that we recently had seen a massive move higher, and typically those do not happen in a vacuum.

Silver will also have to pay close attention to inflation and interest rates coming out of America because it can also work for or against silver depending on the circumstance. We have been rising a bit over the last couple of weeks after a significant pullback, but we are essentially trading in a channel. If we break down below the $25 level, that would also break that channel and perhaps send the market towards the 200 Day EMA. Expect a lot of choppy behavior, but ultimately, I think this is a market that will struggle to find clarity in the short term, followed by a squeeze higher or lower to show where we are going to go long term.

Silver Price Forecast Video 29.03.22

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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