Silver Markets Technical Analysis
Silver markets have shown a lot of negativity during the Friday session as we continue to see the US dollar work against the value of the metal. Industrial demand is going to continue to be a major problem, therefore I would be very hesitant to put a lot of money into silver at the moment. The lack of industrial demand is going to be a problem, so therefore I think it’s only a matter of time before we see silver continue to fall. In the short-term, we could get a little bit of a bounce, but that bounce will more likely than not end up in a selling opportunity. The $20 level being broken to the downside is a very negative turn of events, and I think it leads to even more fresh selling opportunities.
It is not until we break above the $22.50 level that silver starts to look strong, which is something I would not be holding my breath for. Because of this, the market is more likely than not going to bounce, and then sell off yet again. I think that silver is going to head down to the $18 level, possibly the $16 level. The Federal Reserve continues to tighten, and then of course is like kryptonite for silver, so therefore I’m not looking for any type of significant rally to last for a significant amount of time. Silver, along with many other commodities, are going to continue to see a lot of selling pressure and waves of trouble going forward. Fading rallies will continue to be the best way to trade this market from what I can see.
Silver Price Forecast Video for 04.07.22
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
Biden predicts states will try to arrest women who travel for abortions
Chinese state airlines to buy almost 300 Airbus jets
Manchin, Sinema dash Biden hopes for filibuster change on abortion rights
Ohio top court lets six-week abortion ban remain in effect
Palestinians pin scant hope on Biden visit after setbacks under Trump
Migrant caravan leaves southern Mexico days after Texas tragedy