Silver Price Prediction – Silver Continues To Compress



Technical analysis of silver markets

Silver fell a bit in Thursday’s trading session as we continue to see a lot of negativity, but we also continue to see buyers stepping in and trying to stabilize this market. Ultimately, I think it’s a situation where there’s a lot of noise and compression, which usually leads to explosive movement sooner or later. For this reason, I think it’s probably only a matter of time before we see a lot of movement in one direction or the other.

Speaking of which, there is a lot of resistance above that we would need to overcome to turn bullish. The 50-day EMA sits at the $19.32 level, just around the downtrend line. After that, you then have to worry about the $20 level, and only after a break from all of that can you look at this through the lens of a turnaround and a potentially bullish market. Additionally, you would also need to see the Federal Reserve change its overall attitude, as the silver market is very sensitive to interest rates and the US dollar.

The $18 level below should continue to be supported, though a breakdown below that level would be overwhelmingly negative. Markets will continue to pay close attention to whether or not industrial demand will be sufficient to drive prices higher. That being said, it should be noted that the market has been falling for quite some time and it will take a long time to change this general attitude, especially since silver is so volatile at the best of times.

Silver Price Prediction Video for 30.09.22

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