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Silver Price Forecast – Silver Slams Into a Trendline

Silver Markets Technical Analysis

Silver markets have rallied significantly during the trading session on Friday as we continue to see a lot of volatility around the markets in general. It’s worth noting that the downtrend line has been intact since late spring, and so far has been rather crucial. At this point, the market is likely to continue seeing downward pressure and a squeeze, and in fact you can also make an argument that the market has continually found plenty of negativity.

The 50-Day EMA sits right there with the downtrend line, and therefore I think it is a major resistance barrier that’s going to be difficult to break above. Beyond that, we also have the $20 level that offers resistance, and therefore it’s likely that we would see plenty of sellers in that area as well. In other words, it’s going to take a lot of effort to get through all of that, perhaps some type of major fundamental change in the overall fundamental situation and of course central-bank attitudes.

On the other hand, we could drop from here and go down to the $18.00 level, which is the bottom of the overall market. Breaking down below that level then opens up the floodgates for a lot of selling pressure. Keep in mind that silver has a negative correlation to the US dollar and interest rates, so keep an eye on those as well. After all, silver is a highly sensitive metal when it comes to industrial demand, and therefore it’s likely that we continue to see an economic slowdown work against the value of this market. Ultimately, this is a very negative market and that has not changed.

Silver Price Forecast Video for 03.10.22

For a look at all of today’s economic events, check out our economic calendar.

Read More: Silver Price Forecast – Silver Slams Into a Trendline

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