Price Prediction for Silver – Silver Markets Are Quiet on Juneteenth

Monday’s trading session for silver markets has been characterized by a lack of movement as hesitancy continues.

As a result of the Juneteenth holiday, traffic on the silver markets fluctuated during Monday’s trading session. Ultimately, the market remains quite bearish, with resistance at the $22 level. The $22 level has shown to be significant on multiple occasions, therefore I believe we will continue to observe a “fade the rallies” situation. In addition, if we were to break higher from here, the 50-day exponential moving average (EMA) might become an area of selling pressure.

The $21 level below will be a position from which we’ve seen a bit of a bounce in the past week. Ultimately, it appears that we should view this as an opportunity to sell the market every time it rises, as there is just far too much available for the silver market to take off significantly. Ultimately, the market appears to be attempting to form a “H pattern.”

However, if we were to break over the 50 Day EMA, the market is expected to reach the $23.55 level of the 200 Day EMA. Silver is not only a precious metal, but also an industrial metal, thus its price will continue to fall due to risk aversion in the event that all other factors remain constant. Unless, of course, the Federal Reserve alters its overall stance, I believe we might eventually go to the $20 level. As long as monetary policy remains restrictive, it will likely operate against silver.

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