Technical analysis of silver markets
Silver markets did very little during Thursday’s trading session as markets continued to show lackluster control and dedication in one particular direction. It’s worth noting that even the stock markets were slow during the day, so I think we’re waiting for the next catalyst, which to be honest, I think, is the Jackson Hole Symposium next week. In other words, it will involve central bankers talking, which is almost always a bad thing.
If we fall under the hammer from a few weeks ago, then I think the silver market will finally look to close the gap below at the $19.00 level. Anything below that probably opens $18.00, where we had seen plenty of support before. I think it’s probably only a matter of time before we find buyers on any type of dip in this region, but we’ll have to wait and see.
On the other hand, if we break above the $21.00 level, it opens a possible move to the $22.00 level in the long term. This would more likely than not result in a weaker US dollar, and possibly even lower rates. In this case, I suspect we would also see gold rise quite drastically. That being said, metals markets in general seem to be heading back up, which suggests to me that we will continue to see more noise than anything in the near term. I think the disappearance of short-term rallies might work on the short-term charts, but I wouldn’t be looking for big moves right now.
Silver price prediction video for 19.08.22
For an overview of all of today’s economic events, check out our economic calendar.