Silver Price Forecast – Silver Markets Give Up an Early Gain

Silver Market Technical Analysis

Silver markets have gone back and forth on Wednesday as we have seen quite a bit of volatility. Ultimately, this comes down to the US dollar and the interest rates coming out of the United States. The Federal Reserve has a meeting late on Wednesday, therefore it’s likely that we would see a lot of noise due to that. Ultimately, the market would have to break above the $19 level to look even remotely serious about trying to rally. Even then, we are still very much in a downturn.

The $18 level underneath would be crucial, as it is a major support level. If the market price is down below there, it is likely that we would see a flush lower. At that point, the market would then be in a very negative turn of events and therefore we could open up the possibility of a move to the $15 level. After that, the $12 level would be targeted.

If the Federal Reserve changes its overall tone, then we may go looking to the $20 level. The $20 level is being approached by the 50 Day EMA, so I think I might be your ceiling in the market, assuming that we get some type of bounce. A move above there would be rather important and could send silver to higher levels. At this point, I don’t see that happening anytime soon, so I think this is a market that eventually rallies will get sold into and punished. The strengthening of the US dollar would of course be a major problem for this market.

Silver Price Forecast Video for 07/28/22

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