Price Prediction for Silver – Silver Markets to Recover

Tuesday’s trading session witnessed a modest rise in silver prices despite the persistence of erratic market activity. Ultimately, I believe this market is trying to determine whether or not $18 is the bottom.

During Tuesday’s trading session, silver prices rose little as traders attempted to maintain the overall uptrend that began on Monday. Whether or not this holds is an entirely different topic, but it appears that we are currently attempting to determine what the $18 level is. Will it be a location with substantial support moving forward? Or is it a location that is eventually penetrated? I believe that $18 will continue to be significant in this market regardless of the outcome, so keep a close eye on this level.

If we break over the $18 level once more, I believe the silver market will be hammered, as the US dollar will almost surely surge in tandem. Consequently, pay special attention not only to the US Dollar Index, but also to the interest rates originating from the United States. If they continue to rise, silver will be negatively affected. Ultimately, the 50-Day EMA is positioned above $19.39 and is beginning to descend.

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In the end, I believe this is a scenario in which we should be fading rallies, since I believe global concerns about interest rates will persist, and a slowing global economy should have a negative impact on silver demand in the future. Ultimately, the market is likely to continue to witness a worsening in the forward guidance of firms, which provides insight into the future demand for silver.

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