Silver Price Forecast – Silver Continues to See Resistance Above



Technical analysis of silver markets

Silver markets initially tried to rally during Tuesday’s session, but also gave back some gain almost immediately. This is a market that seems unwilling to surge higher for a bigger move, especially as the US Dollar continues to strengthen. It should be noted that we formed a huge hammer on Thursday, and that broken hammer on the downside would indeed be a very negative turn of events. This would have a higher chance of silver going down to the $15 level, maybe even down to the $12 level.

Alternatively, if the market breaks above the candlestick for Tuesday’s trading session, it is more likely than not that we will test the $19 level, an area where I would expect to see some selling pressure. In fact, I would be even more interested in shorting the money in this area. The 50-day EMA is breaking down, so we need to pay close attention to this indicator if we actually reach it. At this point, I don’t necessarily believe we’re going to make it, based on price action during the day on Monday.

Pay attention to the US dollar index, as it will give you an idea of ​​where the money is going. It has a huge negative correlation with this market, so you need to know exactly what’s going on with money flow and exactly what people think about risk taking. Remember that silver is an industrial metal more than a precious metal.

Silver Price Prediction Video for 07.09.22

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