Technical analysis of silver markets
Silver first attempted to rally again in Wednesday’s trading session as we tested the $22 level. It’s an area that’s been important more than once, and now that we’re still struggling, it’s likely that we’re going to see a lot of choppy volatility, and so I think in the short term we’re either going to be working on foam in this market, where we are about to pull back quite significantly.
If we break below the $21.50 level, we are likely to drop to the 200-day EMA at the $21 level. Once we break below the 200-day EMA, then we might really start to see the downside. On the other hand, if we break back above the highs, the market is likely to reach the $24 level. Keep in mind that there is a huge negative correlation between the US dollar and the precious metals markets, and I think that will continue to be the case.
Volatility will be a major issue as usual, so keep your position size reasonable, but one thing is for sure, when precious metals break down, silver really does break down, in a much more vicious way than the gold. Looking at this graph, it certainly looks like we’re exhausted, but the question is, are we going to work on that moss or are we going to keep slipping back? Looking at this chart, I think we may have a few days of nothingness, but it certainly looks like the $22 level will be tough to break through.
Silver Price Prediction Video for 17.11.22
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