Silver Price Forecast – Silver Bounces Hard on Friday

Silver Price Forecast Video for 09.01.23

Silver Markets Technical Analysis

Silver has bounced again during trading on Friday, to reach the $24 level. By doing so, the market looks as if it is going to continue to be very resilient, but at this point in time I think the market is likely to continue to see this more or less as a consolidation area than anything else. We are in a market that had been relentlessly bullish, and it’s probably worth noting that the futures markets have not filled the gap underneath near the $22 level. In other words, I do anticipate a pullback sooner or later, and I am more than willing to take advantage of it. Quite frankly, the pullback that we had on Thursday was interesting, but I thought we had further to go.

That may have been interrupted by the fact that the wage situation in the United States seems to be calming down a bit, so therefore all of the macro tourists, hat tip to Keith McCullough, are out there throwing money at the market as rapidly as they can. The US dollar got pummeled, and of course silver went higher. However, liquidity and volume come into the picture, so I do think that we will get a little bit deeper of a correction. It’s been a nice trade during the day on Friday, but whether or not it is sustainable is a completely different question.

I do believe that overcoming the $25 level will take a lot of effort, so I’m not looking to see that happen in the short term. However, if it were to happen, that would be extraordinarily bullish. On the other hand, if we do break down below the $23 level, I would be looking to fill that gap underneath, and then perhaps be a buyer.

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