Technical analysis of silver markets
Silver markets rallied slightly during Tuesday’s trading session as we attempted to continue the overall uptrend that started earlier on Monday. Whether or not this is true is a completely different question, but at the moment it looks like we are trying to figure out what the $18 level is. Will it be a place where there will be strong support in the future? Or is it a place that ends up being pierced? I think $18 will continue to be crucial in this market no matter how far it goes, so watch this level very carefully.
If we break above the $18 level again, I suspect the silver market will be given a rough ride, as the US Dollar will almost certainly rise along with it. That said, pay close attention not only to the US dollar index, but also to interest rates from the United States. If they keep climbing, it’s going to be toxic for silver. Ultimately, the 50-day EMA is above the $19.39 level and is starting to decline.
Ultimately, I think this is a scenario where the rallies fade because I think the concerns around the world about interest rates are going to persist, and of course we have the situation where the slowdown in the global economy is expected to weigh on the demand for silver in the future. Ultimately, the market should continue to see deteriorating company forecasts, which gives you an idea of silver demand.
Silver price prediction video for 19.10.22
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