Silver markets find support for the week

Silver Weekly Technical Analysis

Silver markets moved back and forth over the week, initially falling to the 50-week EMA. Finding support there, the market has been shown to be supported at an important level, and so it looks like we are trying to turn things around and go for the $25 level, maybe even the 25.50 level. $. Breaking above this level then allows the market to reach the $26 level, and possibly even the $27 level. Keep in mind that this pair is strongly negatively correlated to the US Dollar Index.

Looking at this chart, it seems very likely that we are about to see an upward move, but if we were to reverse a break below the low of the candlestick, then we could open up the possibility of a pretty drastic sell off from the money. At this point, the market is likely to drop to the $23 level, maybe even to the $22 level afterward.

Ultimately, it’s a market that I think continues to find a lot of value, and so it’s likely to rise, especially if we continue to worry about inflation. Silver is sometimes a hedge against inflation, so it’s worth paying attention to. However, industrial demand is also a concern, as the reopening of trade certainly seems to favor the idea that metals are necessary. At the moment, it seems like a “buy low” type of market, and I will continue to be. All things being equal, I like the money, but I also recognize that we are going to have a noisy few weeks.

Silver Price Prediction Video 11.04.22

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