Silver Weekly Technical Analysis
Silver markets have been decimated on Friday of the week, and it looks like we have much further to go. Keep in mind that Monday is July 4, so therefore it’s a holiday in the United States and liquidity could be a bit of an issue. At this point, we have broken through enough support that I do think silver eventually falls apart and goes much lower. This makes sense, because silver is an industrial metal, and a lot of people will be paying attention to the lack of industrial use case in a situation where the global economy slows down.
I look at this chart, it looks to me like we could go to the $18 level rather quickly, followed by the $16 level. Silver could end up all the way down at the $12 level over the longer term, and as long as there are concerns about global growth and of course the Federal Reserve tightening the way they have, the silver markets will be a major recipient of selling pressure. Rallies at this point are to be sold, and I do believe that the market would have to break above the $22.50 level to make a point that perhaps we could go higher. That being said, you should also pay attention to gold, because of that starts the plunge, silver would really take it on the chin.
I believe that you will probably be better served trading from shorter-term charts, using the weekly chart as a bit of a gauge and trading map. Signs of exhaustion on short-term charts will be opportunities to sell yet again.
Silver Price Forecast Video 04.07.22
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This article was originally posted on FX Empire
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