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Silver Price Forecast – Silver Markets Have a Quiet Juneteenth

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Christopher Lewis
·2 min read
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  • SI=F

Silver Markets Technical Analysis

Silver markets have gone back and forth during the trading session on Monday as the Juneteenth holiday will have wiped out some of the volume. After all, the market still looks very negative, with the $22 level above offering resistance. The $22 level has been crucial more than once, and therefore I think we continue to see more of a “fade the rallies” type of situation. Furthermore, if we broke higher from here, then the 50 Day EMA could be an area where we could see selling pressure as well.

The $21 level underneath will be an area where we had seen a bit of a bounce from, as of just last week. Ultimately, it looks as if we are to look at this as an opportunity to sell the market every time it rallies because quite frankly there’s just far too much out there to think that the silver market will take off quite drastically. Ultimately, the market looks as if it is trying to form some type of “H pattern.”

However, if we were to break above the 50 Day EMA, then the market is likely to go to the 200 Day EMA, which is at the $23.55 level. All things being equal, this is a situation where we will continue to see silver fall at the hands of risk appetite because it is not just a precious metal, it is an industrial one as well. I think eventually we could go down to the $20 level, unless of course, the Federal Reserve changes its overall attitude. As long as they are going to tight monetary policy, it’s probably going to work against silver.

Silver Price Forecast Video for 21.06.22

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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