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Silver Price Forecast – Silver Markets Attempt a Recovery

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Silver Markets Technical Analysis

Silver markets have found a little bit of negativity early during the trading session on Friday, but then turned around to show signs of life yet again. By doing so, the market looks as if it is threatening the $21 level, but at the end of the day, we are still very negative in general. The $22 level above is a major barrier that had previously been supported and should now be resistance.

At this point in time, it does make sense that a certain amount of profit buying and possibly even value hunting in this general vicinity. Ultimately, this is a market that has fallen so hard that a bounce would make quite a bit of sense. If we reach to the $22 level and show signs of exhaustion, then I would be shorting this market without any hesitation.

Looking at this chart, you should also pay close attention to the US Dollar Index, as it has a massive negative correlation to the silver market. The silver market is very sensitive to the dollar and of course industrial demand. The silver market is in theory a precious metal, but most of what drives it will be the industrial side of the equation. Keep in mind that the global economy looks set to slow down, so demand for silver almost certainly take a hit. If we were to break down below the bottom of the candlestick for the trading session on Friday, it is possible that we could reach down to the $20 level. Regardless, I have no interest in buying this market anytime soon, especially as the US dollar is one of the biggest gainers at the moment.

Silver Price Forecast Video 16.05.22

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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