Silver Price Forecast – Silver Continues to Look Threatened

Silver Price Forecast Video for 07.02.23

Silver Markets Technical Analysis

Silver has done very little during the trading session on Monday, as we had seen a major selloff of the last couple of trading sessions. All things being equal, this is a market that has to deal with a lot of headwinds, not the least of which is the fact that the US dollar just took off to the upside. Ultimately, we also have to deal with the 200-Day EMA which is sitting right around the $22 level, an area that has been important more than once. There is a gap that still could be filled as well, so that being said I do think that silver probably has a bottom in this general vicinity.

That being said, if we were to break down below the $22 level, that could send this market much lower, perhaps down to the $21 level, but I think at that point we would see a complete shift in overall attitude of silver. Gold looks like it is trying to fight back during the session, and that often will have a bit of a “knock on effect” on silver. So, because of this, you should pay attention to that market as well.

All things being equal, I think it is likely that we will see a lot of choppy and noisy behavior, but that’s not a huge surprise considering just how it behaves under normal conditions, let alone when we have so much concern when it comes to monetary policy and of course the question as to whether or not there is going to be enough industrial demand as we start to slow down. One thing is for sure, the shine has been knocked off of silver for the short term.

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