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Technical analysis of silver markets
Silver markets fell slightly during Tuesday’s trading session as we continue to drift towards the $18.00 level. The $18.00 level is very likely to see a lot of buyers, and it is a major support level. If we were to break below the $18.00 level, chances are we could go much lower. At this point, the market could very well drop to the $15.00 level, followed by the $12.00 level.
If we turn around and recover, the $19.00 level and the $19.50 level could be resistance. Above we have the 50-day EMA just below the $20.00 level. I think all of this could cause serious problems for money, especially considering that the economy is expected to slow down. Yes, there is a lot of inflation but at the same time central banks are doing everything to fight inflation, which of course means slowing down the economy.
At the end of the day, it’s a market that I think continues to see a lot of volatility, and so it’s likely that we’ll continue to see the silver market suffer a bit, because volatility is something that the traders tend to run away, especially in this volatile market at the best of times. Short-term rallies should end up being opportunities to sell, but if we break below the $18.00 level, I will sell there as well. I don’t really have any interest in buying silver at the moment, and if I chose to buy metals it would almost certainly be gold rather than silver, palladium or even platinum . We will have to see how the $18.00 level plays out, as this is going to be crucial.
Silver price prediction video for 31.08.22
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