Silver Weekly Price Prediction – Silver Markets Rebound From Key Support

The silver market has rebounded this week from the important $18 level, which continues to provide considerable support.

The price of silver has rebounded this week from the $18 level, after the Bank of Japan sold US dollars on Friday to preserve its own currency. While this does not directly impact the silver market, it does have some effect on the U.S. dollar and consequently causes some commotion here. Regardless, the $18 level is a critical region to keep an eye on, as a breach there would likely result in a severe decline, maybe to the $16 level and then the $15 level.

Remember that the market is expected to continue to experience high levels of volatility and a negative link with interest rates and the US currency. Remember that inflation is still raging, therefore the Federal Reserve will do whatever it takes to combat inflation, and monetary policy will continue to be extremely tight.

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

At this time, I believe the market is still in a “fade the rally” scenario, with the $20 level serving as a significant resistance barrier. The 50-Week EMA has fallen below the 200-Week EMA, indicating that something is going to break. I don’t know if it will occur immediately, but as long as the Federal Reserve’s monetary policy continues unchanged, I have absolutely no interest in purchasing silver.

People also overlook the fact that silver is an industrial metal; therefore, you must consider the possibility of a decline in global demand, which is negative for prices.

Leave a Comment