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Technical analysis of silver markets
Silver markets rallied again in Tuesday’s trading session as we hold onto the $18.50 level. The market continues to see a lot of loud trading, and I think there will be plenty of trouble as we head into the Federal Reserve meeting. There are a lot of questions about whether or not they are increasing 75 or 100 basis points, but what is even more important is how the statement is perceived.
People are trying to analyze the idea of whether or not the Federal Reserve is going to continue to tighten monetary policy, and of course whether or not there will be enough demand there to push the price of silver up as we head into a probable recession. In fact, there is so much confusion out there that we are still arguing over whether or not there is a recession.
If we break below the $18 level, silver will crash and go much lower. At this point, the market is likely to turn towards the $16 level, maybe even the $12 level in the longer term. Rallies at this point will continue to look suspicious at best, and therefore I would be looking for signs of exhaustion, especially near the $19 level. After that, the $20 level would be targeted, as the 50-day EMA is also approaching this area, and so I think there is a lot of confluence in the general vicinity. Either way, the trend is decidedly negative, so I think it’s probably only a matter of time before we see a general decline.
Silver Price Prediction Video for 27.07.22
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