Silver Price Forecast – Silver Bounces During the Trading Session

Silver Price Forecast Video for 08.12.22

Silver Markets Technical Analysis

Silver has shown itself to be bullish during the trading session on Wednesday, as we continue to see a lot of noisy behavior. It’s worth noting that the $22.50 level has been important previously, as we have formed a bit of a gap there. Because of this, it does make a certain amount of sense that we might have some support, and some buying in that general vicinity.

If we were to break down below the $21.80 level, then we could take a move to the 200-Day EMA, and then maybe even the 50-Day EMA. Ultimately, this is a market that I think will continue to be supported over the longer-term, mainly due to people trying to protect wealth. I don’t necessarily like silver is much as I like gold in this environment, because unfortunately the silver market also has a bit of a reaction to industrial demand as well, and that probably is going to cause some major issues.

With this being the case, I think you’ve got a lot of volatility ahead, and perhaps a bit of a range bound situation, but with more of an upward bias than anything else. I like buying dips, but I would not go “all in” into the silver market as it is extraordinarily volatile.

That being said, I have no interest in shorting this market until we break down below the $21 level. The market breaking out the way it has does suggest that we could get to the $25 level, but the massive candlestick from Mondays suggests that it’s not going to be easy to get there anytime soon. It also suggests that it is probably only a matter of time before we would see the occasional jump around in both directions.

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