Silver Price Forecast – Silver Continues to Hang Around the Same Area

Silver Price Forecast Video for 03.01.23

Silver Markets Technical Analysis

Silver markets went back and forth during the trading session on Friday, and on Monday the CFD markets were relatively quiet as well. Ultimately, we are hanging around the $24 level, which is a large, round, psychologically important level. At this point, the market looks as if it is running out of momentum, so a little bit of a pullback does make a certain amount of sense. That being said, I think that there are plenty of support areas underneath worth watching.

The first major support level I see is the $23 level, and then of course the 50-Day EMA near the $22.25 level. The market breaking through all of that would be very negative, so therefore it’s likely that we will have to test the 200-Day EMA if we were to slicer all of that. Obviously, the 200-Day EMA is a major trend defining indicator that a lot of people would be paying attention to. While I do anticipate a bit of a pullback, I would not anticipate a major breakdown, and I do think that eventually people will be looking to pick up a bit of value. Furthermore, it appears that metals in general have been favored, and I expect more of that in 2023 as people are trying to protect their wealth.

At this point, the first couple of days this week will probably be more back-and-forth than anything else. Ultimately, I do think that plenty of value hunters are out there, and I think it’s got an interesting year ahead of it, but keep in mind that once we get near the $26 level, you have to worry about massive resistance in the past.

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