Forecast for Silver Prices – Silver Continues to Crash

We are well below the $18.00 barrier as the price of silver continues to tumble significantly during Thursday’s session. The market has broken through the key support level.

The silver markets have been fairly volatile over the past few days, and Thursday was no exception. The US currency continues to batter this market, thus I believe you should closely monitor the US Dollar Index. In any case, the US dollar has a negative association with silver, especially as investors flee to the greenback. Keep in mind that silver is an industrial metal, therefore this does not necessarily indicate that demand will be high during a recession. Despite the fact that they tend to go in the same general direction, it is distinct from gold.

If we break below the bottom of the candlestick during Thursday’s trading session, this might signal a significant decline, possibly to the $17.00 level initially, and then ultimately to the $15.00 level. If we reverse course and rise to break above the $18.00 level, the market is likely to target the $19.00 level and the swiftly falling 50-day exponential moving average. In other words, every rally at the moment represents an opportunity for me to short the silver market at the first indication of tiredness.

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The Federal Reserve will continue to implement an extremely restrictive monetary policy, which will have a significant impact on the market. There is basically little likelihood that the Federal Reserve would ease monetary policy in the near future, thus I believe silver will continue to suffer. However, if the jobs report is bad, do not be shocked if silver prices climb due to rumors that the Fed may reduce its monetary policy.

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