Silver Price Forecast – Silver Continues to Be Very Noisy

Silver Price Forecast Video for 14.06.23

Silver Markets Technical Analysis

Silver has gone back and forth during the trading session on Tuesday, as we continue to see a lot of volatility in markets overall. Silver of course is very sensitive to the US dollar, and with the Federal Reserve meeting on Wednesday, you have to believe that at one point or another the greenback will assert its influence. The 50-Day EMA sits just below, and has offered support over the last couple of days. That being said, the $24.50 level has offered resistance, and if we can break above there, it’s likely that we could go to the $25 level.

If we were to break down below the bottom of the candlestick for the last couple of days, then it’s likely that we could drop down to the $23.50 level. Underneath there, you have the 200-Day EMA sitting right around the $23 level, which of course is an indicator that a lot of people look toward to determine the longer-term trend. As long as we can stay above the 200-Day EMA, then it’s very likely that we will eventually see buyers come back to pick up “cheap silver.”

At this point, people are using silver, and of course gold, in order to practice a little bit of wealth preservation. Ultimately, the market will continue to be noisy, as traders are trying to figure out what central banks around the world are going to be doing. That being said, silver also has an industrial component built into it as well, which of course is in flux at the moment, as traders worry about the overall global economy and whether or not it is going to continue to slow down, or if it will turn around and start strengthening.

In general, this is a market that I think continues to be noisy but I think there is a certain amount of support underneath that probably comes into the picture. However, pay close attention to the US Dollar, because it could give you an idea as to where silver will go, due to the fact that the US dollar and the silver market have such a strong negative correlation.

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