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Technical analysis of silver markets
Silver moved back and forth during Wednesday’s trading session as we continue to see a lot of confusion regarding interest rates and of course the US Dollar itself. Keep in mind that both of these markets are working against the value of money in general, and in this case it is very likely that we will continue to see a lot of volatility overall. At this point, technical analysis suggests that the $22 level above will be resistance and a tough zone to break through. If we were to break above then it would obviously be very bullish for silver.
On the other hand, if we turn around and break below the 200-day EMA, the market is likely to turn to the $20 level below for the next level of support. The 50-day EMA sits below and looks set to try to rally to this area, perhaps offering a near-term floor. If we break below this level, it is likely that the market will really start to break down and the money will head towards the $18 level.
At this point, the only thing you can count on is a lot of noise, which is pretty typical for silver to start with. The CPI numbers will be released on Thursday and will be watched closely by the market as traders start trying to gauge what the Federal Reserve will do going forward. It’s pretty amazing to me that people still think the Federal Reserve is going to back down, when they keep saying they won’t. The reality could arrive on Thursday.
Silver Price Prediction Video for 10.11.22
For an overview of all of today’s economic events, check out our economic calendar.
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