Silver Price Forecast – Silver Shows Signs of Exhaustion at Crucial Level

Silver Markets Technical Analysis

Silver has initially tried to rallied during the trading session on Tuesday, as we pierced the $22 level. However, we continue to see this area as massive resistance, and therefore you need to be very cautious with trying to send the market back above there. The area extends all the way to the $22.50 level, so you should be cautious about that area. If we were to break above there, then it would obviously be a very bullish sign, but at this point you still have to worry about industrial demand.

We have seen yields take a bit of a breather, and that has helped silver quite drastically. The silver market is very sensitive to the US dollar, and interest rates so those are 2 things you should be paying close attention to. If we do pull back from here, it’s worth noting that the 200-Day EMA is close to the $21 level, and therefore I think that could be your next support level. If we were to break down below there, then the market almost certainly will drop back down to the $20.00 level where the 50-Day EMA sits.

Regardless, you need to be very cautious with silver because it is somewhat of a volatile market under the best of conditions, so pay close attention to that. Ultimately, I think we’ve got more likely than not an overextended market that is getting tired, but keep in mind that the volatility is probably going to get worse, not better as we continue to see a lot of questions asked about the overall economy and of course inflation, which has been dropping but is still extraordinarily high.

Silver Price Forecast Video for 16.11.22

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