Silver Price Prediction - Silver Markets Remain Volatile

During Tuesday's trading session, silver markets were quite active, as we continue to trade over the $21 barrier. The $21 level has been a pretty significant region, but the overall picture remains bearish. It is difficult not to notice the large "H pattern" on this chart, thus it is probable that we will attempt to reach the $20 level given sufficient time.

The $22 level above continues to provide resistance and will likely be significant owing to the 50 Day EMA approaching it once again. Ultimately, I believe this is a market that will always have a large number of sellers at rallies, mostly owing to the fact that US interest rates will continue to rise, so working against the value of silver. Additionally, pay particular attention to the US Dollar Index, as it has a negative association with this market.

I would not consider this market a buying opportunity until the silver market breaks over $22.50, because it has been so bearish for so long. I do feel that we will ultimately test the $20 level in the future, and a breach below that level would create significant selling pressure. Long-term, silver's price might go as low as $12 if it falls below the $20 threshold. Keep in mind that silver is also an industrial metal, which is not helping it as a worldwide recession is imminent.