Silver Weekly Technical Analysis
Silver markets rallied over the week, again showing signs of life, but are facing a plethora of issues just above. The $20 level course is an area that many people will pay attention to due to its psychology, and of course the downtrend line also comes into play. When you look at the daily chart, the 50-day EMA is also there, so there should be plenty of issues. Ultimately this is a market where I think you are rallying, although admittedly it will be somewhat difficult on the longer term charts.
If we break above the $20 level, we might hit the $21 level, but there will be even more resistance pending. Ultimately, I have no interest in buying silver in this environment, as the economic situation does not favor it, and of course the US dollar is very strong. That being said, the market should continue to experience volatility, so this will be a day-to-day type situation. It will likely be difficult to hold on to a longer-term position, but if we break below the recent low, silver will almost certainly hit the $15 level, maybe even the $12 level.
Pay special attention to the US dollar index, as it has a strong negative correlation with this market, as does the interest rate market. Ultimately, I think it’s a situation where we continue to see noise more than anything else, but with more of a downward slant than an upward slant.
Silver Price Prediction Video for the Week of 19.09.22
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