Silver Price Prediction – Silver Rallyed After CPI



Technical analysis of silver markets

Silver rallied quite significantly during Thursday’s trading session, threatening the $22 level after CPI figures came out 0.4% month-on-month instead of the expected 0.6%. This immediately got traders thinking about how the Federal Reserve would slow interest rate hikes, and so everything turned bullish when it comes to risk appetite. At this point, it is probably worth considering the $22 level as an important ceiling in the market. The question now is whether or not we can get past that level and keep going higher?

I still think that’s a bit of a stretch, mostly due to the fact that demand is almost certainly going to fall off a cliff. This is a knee-jerk reaction to what’s going on in the US dollar so it’s not that we can’t go higher it’s just that we still have a lot of work to do to really break out . Admittedly, the past two days have been very positive, but there are several Federal Reserve speakers speaking out in the coming days that could also reignite volatility in the market.

The global demand for silver will depend somewhat on the health of the economy, which is clearly not the case at the moment. For this reason, I think this rally is more likely to fail. On the other hand, if we break above the $22.20 level, there is no point in fighting it. On a pullback, I anticipate the 200-day EMA may attract some attention.

Silver price prediction video for 11.11.22

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