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Silver Price Forecast – Silver Market Pullback

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Silver Markets Technical Analysis

Silver markets have initially rallied during the trading session on Friday, but found enough noise near the $22.50 level to turn around. As the interest rates in America rallied, they put significant downward pressure on silver. If there is going to be a growth problem, silver will get hammered as it is a commodity that is highly sensitive to growth. Remember, silver is an industrial commodity, so therefore you need to treat it as such. I know that a lot of people hearken on about how it is a precious metal, but the reality is that gold is used for that type of trading.

At this juncture, I believe that the market will break below the $22 level again, and continue to go lower. In fact, it’s not until we break above the $23 level that I would seriously consider going along silver, so therefore I look at this as a scenario where you are looking for signs of exhaustion to sell, just as we have had during the Friday session. On the downside, I anticipate that we break down below the $21.50 level, that should increase downward pressure, perhaps sending silver down to the $20.50 level.

Regardless of what happens next, you should look at this as a market that is struggling, and even though we’ve had a nice little balance over the last couple of weeks, the reality is that the selloff was brutal, and quite frankly we were due for some type of relief rally. It’s possible that we have just seen that happen, and now the selling can continue to come into the picture and pressure this market lower.

Silver Price Forecast Video 06.06.22

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This article was originally posted on FX Empire

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