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Silver Price Forecast – Silver Gives Up Early Gains on Monday

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Silver Markets Technical Analysis

Silver markets have had a push higher to kick off the week on Monday but have also turned around and gained back most of the gains as we continue to see silver underperform any other assets. After all, the interest rate situation in the United States continues to climb, suggesting that people are becoming more concerned about a recession. If that’s going to be the case, people then have to worry about whether or not there is going to be enough industrial demand for silver going forward.

It currently looks as if the $22 level above is a major resistance barrier, so therefore it does make a certain amount of sense that we will continue to look at it as a “ceiling.” A break above there does open up the possibility of a move to the $22.50 level, where I expect even more resistance. The 50 Day EMA is at the $22.29 level and dropping, suggesting that perhaps there is much more in the way of downward pressure coming.

The market recently had formed a bit of a “double bottom,” but whether or not that hold is a completely different question altogether. After all, the market has been very negative for a while, so breaking through that area certainly would make sense. After all, the market is going to focus on the longer-term fundamentals, which right now do not look very good. With this, I continue to “fade the rallies” as they occur, because quite frankly I do not expect to see much of a change in attitude any time soon. We would have to break above the $22.50 level to take a rally seriously.

Silver Price Forecast Video for 28.06.22

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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