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

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This article was originally posted on FX Empire


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