Silver Price Forecast – Silver Attempts to Balance
The silver market has risen a little during Tuesday's trading session as we try to calm what has been a highly volatile market.

The silver market has risen a little during Tuesday's trading session as we try to calm what has been a highly volatile market.
Silver Markets Technical Analysis
Silver markets have rallied a bit during the trading session on Tuesday as it looks like we are trying to bounce a bit from extreme oversold conditions. That being said, the market is likely to see a lot of resistance above, so I think this rally and stop offering a nice selling opportunity. This would be especially true as the US dollar is so strong, and of course interest rates have been rising. Remember, silver has a huge negative correlation to all of that, and therefore you need to be cautious of what’s going on.
$18 underneath is an area that people have paid attention to previously and has been an area of support a couple of times. If we were to break down below there, then it opens up the possibility of the market dropping down to the $15 level. The $15 level is psychologically and structurally important, but not nearly as important as the $12 level underneath, which I think it’s where we finally start to see significant buying pressure.
On the other hand, if we were to take off to the upside and break above the $20 level, it’s likely that the trend has changed, but we would need to see some type of difference in the Federal Reserve and its actions, and of course it’s monetary policies. Ultimately, the interest rates strengthening work against silver as well, and you need to pay attention to whether or not there is going to be enough demand out there for industrial metals, which of course silver is one of the biggest. With that, I think you have a “fade the rally” set up coming in the next couple of days
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