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Technical analysis of silver markets
Silver fell quite hard in Friday’s trading session, hitting the $19.00 level. However, we bounced from there to retake the 50-day EMA, which of course is a relatively bullish sign. At this point, I think it’s only a matter of time before we see a bit more recovery attempt, but obviously there’s a lot of resistance just above that could kick in and push the falling money. Also, the $20.00 level will obviously be a concern, so this psychologically important level, and of course an area where we had seen selling previously, could come into play and hold the market up somewhat. repressed.
In addition, industrial demand is causing a lot of concern, as the market faces a slowing economy. That’s not going to change anytime soon, so I’d rather sell silver short, not necessarily buy it. Given enough time, I think we have a situation where we could go down to the $18.00 level, an area that has been massively supported on several occasions. If we were to fall below, then the market will almost certainly collapse.
Anyway, if I were to buy a precious metal at this point, it would probably be gold, because silver has the industrial component that will work against them. Also, the volatility of silver makes it much harder to hold on to in these times, so frankly I don’t see the need to. In fact, my favorite trait for silver is that when the US dollar goes up, I short silver, but when the US dollar goes down, I buy gold.
Silver price prediction video for 31.10.22
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