Technical analysis of silver markets
Silver moved lower to kick off the trading week, having had such a massive candlestick on Friday. At this point, the market threatens the 200-day EMA, which of course attracts a lot of attention in itself. The market has been trading in a very sloppy and choppy range for some time, and I think it will just be more of the same. That being said, the market will likely continue to see plenty of reasons to move quite violently, not the least of which of course will be the US Dollar.
Another concern will be interest rates in the United States, which of course are everywhere but generally high. If so, it tends to work against money, so you should keep that in mind. Furthermore, you must also understand that silver is just as much an industrial metal as it is a precious metal, and therefore realize that if the global economy slows down, it is very likely that the demand for silver will as well.
While this latest move was extraordinarily bullish, it is somewhat telling that we are hesitant here. If we can break above the 200-day EMA, then we might hit the $22 level. On the other hand, if we were to break down from here, we could go for the $20 level, which is an area that is not only important psychologically, but has also caused a lot noise in the past.
Silver Price Prediction Video for 08.11.22
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