Technical analysis of silver markets
Silver jumped into the air in Friday’s trading session after the job count was released. At this point, we’re threatening the 200-day EMA, and I think that’s a bit of a stretch. We’re at the top of a relatively well-defined range, so it might be worth paying close attention to what’s happening right now, as it’s more likely that it’s not just a matter of time before we run out of momentum. . If so, it is likely that we will see this market move back towards the $20.00 level.
If we break out, then the $22 level would be the next major area of resistance and could be a decent target. Breaking above them opens up the possibility of a much higher move, but I don’t see that happening very easily. The size of the candlestick is impressive, and as I record this we’re up over 6% for the day, but that’s the type of loud behavior that silver is known for, so I wouldn’t be don’t get too excited because the market will continue to see these types of explosive moves from time to time.
The $18 level continues to be an important support level that a lot of people will be paying close attention to, so if we were to drop below it’s possible we could see the silver market go down to the $15 level. . I’m still worried about industrial demand, so I’m not quite convinced by this decision yet. However, as we break above the $22 level, there is not much between there and hitting a massive move higher.
Silver Price Prediction Video for 07.11.22
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