Silver Price Prediction – Silver Reaches $22 But Fails



Technical analysis of silver markets

Silver markets initially attempted to rally in Friday’s trading session, but gave up gains near the $22 level, where we had seen previous resistance. For this reason, I think the market is going to enter some consolidation, perhaps with a 200-day EMA below offering support. If we break below, I expect silver to likely fall to the $20 level in the next few sessions. That being said, this is a market that is very erratic at the best of times, and now that everyone is trying to guess what the Federal Reserve is going to do, things are likely to get worse.

Inflation of 7.7% year over year is absolutely horrendous, but Wall Street seems to think it’s cause for celebration. For this reason, we have seen the US Dollar sell off, but as soon as we encounter a longer-term resistance level, it looks like the US Dollar is not quite ready to start dying just yet. For this reason, I suspect we have a situation where longer-term traders see this as a nice opportunity to take advantage of the erratic behavior of short-term traders, and so I think the dollar is getting stronger again. If this is indeed true, money will almost certainly suffer because there is a huge negative correlation.

If we were to activate and remove the $22.50 level, it’s time to throw in the towel and simply call, despite the fact that it makes no fundamental sense. Silver demand is very sensitive to industrial demand, so there you have it.

Silver Price Prediction Video for 14.11.22

For an overview of all of today’s economic events, check out our economic calendar.

Source link


Comments are closed.