Silver Price Forecast – Silver Markets Looking for Support at 22 USD

Christopher Lewis
·2-min read

Silver markets have fallen during most of the trading session for Asia and the European Union but have bounced a bit in US trading. This suggests that perhaps the $22 level is going to offer a bit of support, and if that is going to be the case and if that is going to be the case it would make a certain amount of sense that we get a short-term bounce. That being said, I do not know that it is necessarily time to start buying silver quite yet. I anticipate that we need to see a bit of stability before we get overly excited. With that in mind, I think that it is probably best to sit on the sidelines in the short term, but the US dollar is a bit over bought so a bounce does make a certain amount of sense.

SILVER Video 25.09.20

If we turn around and simply go straight up in the air, although it would be a bullish sign it would also be a bit disconcerting because it also shows an increase in volatility more than anything else. I think at this point we are probably going to see noisy trading at best, and therefore you probably have plenty of time to get involved. I still believe that this market is better supported near the $20 handle, and of course the 200 day EMA. All things being equal, I do think that the longer-term trend is still going to be bullish, but right now we have a lot of concerns and therefore US dollar buying.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire