Silver Price Forecast – Silver Breaks Down Yet Again

Silver Price Forecast Video for 08.09.23

Silver Markets Technical Analysis

The silver market has fallen during the trading session on Thursday, as it looks like we are trying to figure out what to do with the market in general, but at this point I think it’s starting to become close to falling to the bottom of the overall consolidation. The $22.50 level underneath is the bottom of the overall range, it we could very well fall all the way down to that level. Either way, it’s obvious that silver needed to take a bit of a breather, but now it looks like we just aren’t ready to go anywhere.

The $22 level underneath being broken to the downside could open up a big move much lower. In that general vicinity, we could see the market drop down to the $20 level if we continue to see negative pressure. However, when you look at this chart, it’s obvious that we have been going back and forth for quite some time, and therefore I think we have a situation where we are simply banging around like we have been for several months.

If we turn around and take out the top of the candlestick for the Thursday session, it’s possible that we could go back toward the highs, but all things being equal this is a market that has seen the $25.50 level as massive resistance, and therefore if we can break above there, then the market could go looking to the $26.50 level. However, there are a lot of things out there that you need to pay close attention to, not the least of which of course would be the US dollar as the negative correlation between silver and the US dollar is well known.

Furthermore, there’s also the industrial demand question, and therefore it’s likely that we see the market will continue to see a lot of the questions about the “green new deal” and its demand for silver. Ultimately, I think we will just continue to trade in the consolidation area that has been so clear since the month of May earlier this year. Interest rate markets have to be watched as well, because higher interest rates do tend to work against the value of metals overall.

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