Silver Price Prediction – Silver Continues To Threaten A Major Resistance Barrier

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Technical analysis of silver markets

Silver pulled back a bit in Monday’s trading session as the $22 level above continues to offer plenty of resistance. The 200 day EMA sits below it and could offer a significant amount of support so basically we are looking at the $21 level below that could offer support just like this indicator and of course the $22 level could offer significant resistance. Keep in mind that the market continues to see a lot of noisy behavior, especially since silver has so many different factors that move it.

Industrial demand for silver is going to deserve particular attention, because quite frankly if we’re going to see the economy slow down, it’s very hard to suggest that we’re going to see a lot of demand for silver from an industrial perspective, but we We’ve had an upward push across precious metals due to the fact that inflation has eased slightly. Nevertheless, you should pay close attention not only to the US dollar, but also to the interest rates from America, as this has a major influence on this market, as the negative correlation is quite high.

If we were to break below the 200-day EMA, essentially the $21 level, it is likely that the $20 level below would be potential support, especially as the 50-day EMA approaches the same area. We’ve seen an explosive move up recently, but if we were to go into this area, we’re likely to see this market fall back. Ultimately, this is a situation where we see volatility more than anything else.

Silver price prediction video for 15.11.22

For an overview of all of today’s economic events, check out our economic calendar.

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