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Silver Price Forecast – Silver Markets Continue to Threaten the $22

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Christopher Lewis
·2 min read
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  • SI=F

Silver Markets Technical Analysis

Silver markets have fallen rather hard during the trading session on Monday to pierce the $22 level, but at the time of writing, it looks like we are doing everything we can to support it. Ultimately, the market will continue to see a lot of noise in this area, but if we were to break down below the $21.50 level, then the silver markets will almost certainly break down quite drastically. If that were to happen, it almost certainly would be accompanied by a strengthening US dollar, something that seems to be very possible.

However, any bounce at this point in time might end up being a nice opportunity for traders to start shorting, as we have seen so much in the way of negative pressure. The $23 level above is going to be an area where a lot of people will be paying close attention. The 50 Day EMA has just broken below the 200 Day EMA, suggesting that the so-called “death cross” could bring in more sellers. If we were to break down below the $21.50 level, the market is more likely than not going to go looking to the $20.00 level.

If we were to break above the $24 level, it is possible that we could 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 in order to make that happen. At this point, we could get a significant pullback in the greenback, but that is about all I would be looking for.

Silver Price Forecast Video 10.05.22

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This article was originally posted on FX Empire

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