Silver Price Forecast – Silver Rallies Ever So Slightly
Silver Price Forecast Video for 09.02.23
Silver Markets Technical Analysis
Silver has bounced a bit during the trading session on Wednesday, as the 200-Day EMA has offered support. At this point in time, we are looking at the $22 level as a major support level, especially as we have a major gap here. This obviously will attract a lot of attention, and the fact that we’ve been in a major uptrend certainly helps as well. This combination could make for a nice trading opportunity, but I would like to see the top of the Monday candlestick taken out before putting money to work. Ultimately, this is a market that I think will see a lot of noise, but that’s typical for silver, so it should not be a huge surprise.
If we do breakout to the upside, then I think we go looking toward the highs again, and start to threaten the idea of breaking out above the $25 level. That has been like a major brick wall, but if we break above there, it will send a flood of money into this market. Keep in mind that silver is also very sensitive to the attitude of global growth, as it is considered to be a major industrial metal, and of course goes in all kinds of manufacturing.
With this being the case, I think you’ve got a situation where we have volatility ahead, but we could very well have a nice bounce. If we were to break down below the 200-Day EMA, then it’s possible we could go down to the $21 level, regardless, think you have to be very cautious with the position size, because we are going to have a ton of volatility but that’s nothing new for silver.
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This article was originally posted on FX Empire
