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Silver Price Prediction - Silver Pulls Back Once More

Alina Haynes

Aug 16, 2022 11:29

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Silver markets have retreated somewhat during Monday's trading session as the 50-day exponential moving average (EMA) continues to act as a bit of a price magnet, and of course, we are sitting in a region that has a large amount of market memory. The candlestick is obviously pretty ugly, and a break below the $20 level on a daily close might spark a significant amount of selling. Moreover, if interest rates continue to exhibit signs of growth, this could exert additional downward pressure on silver.

 

China's apparent slowdown and the fact that silver is an industrial metal only serve to exacerbate the situation. In other words, the question will be whether there will be sufficient demand for silver to maintain high prices. Currently, the $21 level appears to be a strong resistance barrier that will be tough to overcome; if we could, the market may reach the $22 level.

 

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As of late, the market has been exceedingly raucous, having soared to the sky. At this time, the concern is whether or not we have the potential to fall hard enough to fill the gap below, which is at the $19.00 mark. In this circumstance, a major decline is just waiting to occur. Pay particular attention to the US dollar, as it will have a significant impact on what occurs next, since a strengthening US currency normally has a negative effect on the silver market.

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