Yahoo Finance Silver Price Forecast – Silver Markets Continue to Look Limp
Silver Markets Technical Analysis
Silver markets have fallen hard during the session on Wednesday to break well below the $19 level. However, later in the day, we did see an attempt to recover, as we bounce back above that level. By the time the Americans came aboard, it looks as if we are going to try to form a bit of a hammer. Breaking above the top of a hammer opens up the possibility of a recovery in the short term, but the $20 level above will more likely than not be a bit of a psychological resistance barrier.
The market breaking down below the bottom of the hammer for the trading session opens up the possibility of a move much lower, and I do think that it becomes a bit of a trapdoor for markets to go much lower. At that point, the market could go down to the $18 level, perhaps even the $15 level. All things being equal, this is a market that I believe will continue to focus on the US dollar, which has a major negative correlation to silver.
Interest rates rising in the United States and of course concerns of a recession coming suggest that silver will continue to fall, so therefore I like the idea of shorting silver and have no interest whatsoever in trying to buy silver as the bottom isn’t here. The market is extraordinarily weak, and until something changes coming out of the Federal Reserve, I just don’t see how silver suddenly bounces and continues to the upside. The market is one that would need to have a Herculean effort to change the attitude.
Silver Price Forecast Video for 07.07.22
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This article was originally posted on FX Empire
