Silver Price Forecast – Silver Bounces Slightly

Silver Price Forecast Video for 10.02.23

Silver Markets Technical Analysis

Silver has rallied a bit during the trading session on Thursday, after bouncing from the 200-Day EMA area a couple of days previously. Because of this, I think this is a situation where the market will probably continue to look at this through the prism of a major floor, especially as we not only have the 200-Day EMA, but also the gap from previous trading. The $22 is an area that is very important, and therefore as long as we stay above there I think we could see a little bit of a recovery.

However, if we were to break down below the $22 level, then it’s likely that we could go down to the $21 level underneath. At this juncture, I believe that we have a situation where the market is probably going to try to find its footing, which could be either an impulsive candlestick to the upside, or it may just simply be the market grinding back and forth for a while. Either way, that would be an opportunity to pick up cheap silver, which is something that you have not been able to do very easily for a while.

Because of this, if you believe that silver is going to continue to rally, this might be an area worth buying a little bit. That being said, the silver market is much more volatile than many others, so you need to be very cautious about your position size, but if the trade does in fact start to work out in your favor, then you can start to build up the position as we have seen just how powerful the silver market rally can be.

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