Silver Price Prediction – Silver Markets Enter Resistance
Technical analysis of silver markets
Silver markets rallied quite significantly during Thursday’s trading session to break above the $22 level. The $22 level is an area that has been prominent on several occasions, and so it is likely that we would see a lot of loud behavior in this area. You should keep in mind that Friday’s session features the jobs that never leave the US, and therefore a significant amount of volatility should be expected. That being said, I think this is a market that will continue to be very loud and will need to be very careful of any selling pressure just above.
Silver is an industrial metal, so you should keep in mind that the reopening trade is very influential for the silver market. At this point, many people are worried about the economic slowdown that could be seen around the world, and if that should be the case, money is going to struggle. If you are trying to play the precious metals market based on “safety”, then you are looking for the gold market.
You should also pay close attention to the US dollar index, as it is also very influential. There is a huge negative correlation between DXY and silver, so you should always be very careful. The markets will most likely be very volatile, but at this point we are still in a downtrend, so you need to look at this through the selling lens. Only when we break above the $23 level would I be interested in going long.
Silver Price Prediction Video 03.06.22
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