Silver Price Forecast – Silver Pulls Back Yet Again From the $22 Level

Silver Markets Technical Analysis

Silver has initially tried to rally again during the trading session on Wednesday, as we have tested the $22 level. That’s an area that has been important more than once, and now that we continue to struggle there is likely that we are going to see a lot of choppy volatility, and therefore I think in the short term we are either going to work off the froth in this market, or we are getting ready to pull back rather significantly.

If we break down below the $21.50 level, is likely that we go down to the 200-Day EMA at the $21 level. Once we break down below the 200-Day EMA, then we could really start to pick up the downside. On the other hand, if we turn around break above the highs, then it’s likely that the market could go all the way to the $24 level. Keep in mind that there’s a huge negative correlation between the US dollar and the precious metals markets, and I think that is going to continue to be the case.

Volatility will be a major issue as per usual, so keep your position size reasonable, but one thing is for sure, when precious metals break down, silver really falls apart, in a much more vicious way than gold does. Looking at this chart, it certainly looks like we are exhausted, but the question is, Are we going to work off this froth, or are we going to continue to pull back? Looking at this chart, I think we may have a couple of days of nothingness, but it certainly looks like the $22 level is going to be difficult to overcome.

Silver Price Forecast Video for 17.11.22

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