Technical analysis of silver markets
Silver markets rallied quite significantly during Tuesday’s trading session as we continue to hold around the $22 level. In doing so, it suggests that the market may be trying to settle into this general vicinity to determine where we go next. After all, we had been in a major downtrend before, only to see this market bounce back a bit. I would say the rebound was a little disappointing, and it’s probably worth noting that this is an area that had previously been supported, so it certainly makes sense that we see resistance here.
That being said, interest rates in America will determine everything at this point. Pay close attention to the 10-year yield, because it’s been incredibly pumped, and that has a major influence on where we might go next. Higher interest rates generally work against gold and silver, but there’s a lot of fear right now when it comes to the real world, and that means durable assets like gold and silver. money can continue to attract and circulate.
For silver to turn bullish, it would have to break above the $23 level. At this point, I believe silver is taking off higher and continuing to rally for a few dollars. Until then, I view this as a range-bound market that will be required to trade from a short-term perspective in a back-and-forth type of way. If we break below the $21.50 level, I think we will start falling again. Pay attention to the return over 10 years.
Silver Price Prediction Video 08.06.22
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