Price Prediction for Silver – Silver Continues to Follow a Trendline

The silver market has fluctuated during Thursday’s trading session as the downtrend line continues to be respected.

The silver markets have fluctuated during Thursday’s trading session as we continue to pay close attention to the downtrend line and the 50-day exponential moving average (EMA) offers resistance. With all else being equal, the market is likely to continue viewing the $20 level as significant resistance. As long as we remain below that level, I believe silver will remain quite weak, especially given its strong negative association with both the US dollar and US interest rates.

Looking at the beginning, I believe it will continue negative; however, if we break over the $20 barrier, it is possible that we might reach the $21 level. This would necessitate a significant adjustment in perspective, and perhaps more crucially, the US dollar itself. The US dollar has been a wrecking ball against practically every other currency, and silver will continue to perform similarly.

Ultimately, the $18 level entities should be sustained, so a break below there would be a significant decline, maybe allowing the silver market to sink below the $15 level. After that, silver may target the $12 level, which is a significant round figure that warrants close attention.

Keep in mind that silver is not only a precious metal, but also an industrial metal, therefore it is likely that the lack of global growth will continue to be a key concern, which prevents silver from taking off anytime soon. As long as the global growth outlook remains uncertain, I will maintain my pessimistic stance on silver.

Leave a Comment