Silver Price Forecast – Silver Markets Bounce Hard After Selling Off

Silver Markets Technical Analysis

Silver markets have initially fallen during the trading session on Friday to reach near the recent lows but then turned around to show signs of support. The candlestick that is forming is a bit of a hammer, so that does suggest that there is a certain amount of pushback in this area. A break above the top of the candlestick opens up the possibility of a move to the $22.00 level. The $22.00 level has been important more than once, as there is both support and resistance there previously. This is an area that will have a lot of “market memory” in it.

The market breakdown below the bottom of the candlestick for the trading session on Friday would be very negative and open up the possibility of a move down to the $20.00 level. In that scenario, the market is more than likely going to be a scenario where we could go much lower, perhaps down to the $18.00 level.

You need to pay close attention to the US Dollar Index because there is a huge negative correlation between silver and the greenback. Ultimately, this is a market that will continue to be noisy, but there’s a lot of negative pressure and I think that will continue to be important to pay attention to. In fact, it’s not until we break above the $22.50 level that I would assume that the market could be trusted to the upside. Ultimately, this is a market that I think will continue to be very volatile, so you need to be cautious with your position size.

Silver Price Forecast Video for 27.06.22

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