Silver Price Forecast – Silver Markets Drift Lower

Silver Markets Technical Analysis

Silver markets have fallen a bit during the trading session on Monday, as we continue to flirt with $19.00 in this market. This level is an area where we have seen both support and resistance, but the real support level is closer to the $18.00 level. Because of this, I do think that we will break down a bit towards that level. The $18 level underneath should continue to be an area that a lot of people focus on, so if we did break down below that level, then it’s likely that we would see a flush lower, perhaps opening up the possibility of a move all the way down to the $15 region.

On the other hand, if we do rally from here, the $20.00 region has offered a certain amount of resistance, and most certainly the 200-Day EMA will is well near the $21 level. Because of this, I think that the market is relatively well-defined as far as the range is concerned, so therefore I think you need to pay close attention to those levels.

Furthermore, you need to keep in mind that Wednesday is the Federal Reserve statement, and it’s very likely that what we are going to see is Jerome Powell reiterate his desire to tighten monetary policy going forward, and that should work against the value of precious metals, silver included. Furthermore, you also need to keep in mind that industrial demand for silver is dropping, as the world economy seems to be slowing down quite drastically. Because of this, I am looking for opportunities in short this market and not necessarily buy at any time soon.

Silver Price Forecast Video for 01.11.22

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