Silver Price Prediction – Silver Markets Continue To Fall

Technical analysis of silver markets

Silver markets fell on Tuesday to drift even lower, dropping below the $18.75 level fairly quickly, and now threatens to fill a void from the previous trading session. At this point, silver is a little oversold, so I wouldn’t be at all surprised to see a small short-term bounce, but that doesn’t necessarily mean it’s a market I’ll buy. After all, I think the longer-term outlook for silver is relatively weak, especially since the global economic outlook is weak.

Remember that silver is very sensitive to what is happening in manufacturing and manufacturing will slow down due to lack of demand. That being said, interest rates and the US dollar also have an outsized effect on silver, and if we see silver starting to rally, I only buy it when I see the US dollar starting to fall . Falling interest rates also benefit silver, as it then becomes a little more acceptable to pay for storing metal instead of just holding paper.

If this market fell below the $18 level, the bottom in silver would almost certainly fall, possibly sending this market to the $15 level and then possibly the $12 level. On the positive side, I think if we get a good rally from here, it will be difficult to break above the $20 level, not only because of the psychology but also because the 50-day EMA is starting to cross this area. Either way, it’s going to be very noisy, so you need to keep your position size reasonable, but I’ll be the first to say that I’d rather own gold and silver in this current environment.

Silver Price Prediction Video for 24.08.22

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