Silver Price Forecast – Silver Continues to Search for a Bottom

Silver Price Forecast Video for 22.05.23

Silver Markets Technical Analysis

Silver continues to go back and forth as Friday has seen more of the same choppy behavior that we had seen on both Wednesday and Thursday. Looking at the chart, the 50-Day EMA is just below where we are trading, and it makes sense that we would see a little bit of hesitation in that area. Furthermore, we have the 200-Day EMA rapidly approaching the $23 level, so that could come into the picture and offered support as well.

On the upside, we have the 50-Day EMA sitting just above the recent consolidation and clustering, so I think at this point if we were to break above there, then the $25 level is more likely than not going to be a target, as it is a large, round, psychologically significant figure. With that, I think that we have a situation where you would have a lot of resistance to chew through, but it would be possible in this type of environment to see it break through there if we have a huge rush into safety.

However, silver is experiencing a little bit of a “knock on effect” from weakness in other commodity markets, as we have seen so much volatility based upon the idea that we may have more weakness in the economy than anticipated. Remember, silver has the added pressure of industrial demand, or potentially the lack of, and that of course will cause a little bit more movement in this market than many others. That being said, it does look like it is trying to form a little bit of a stabilization pattern, and if we construct a rally from here we could even be talking about a potential “V pattern.” With this, I’ll be watching to see if the silver market can break above the 50-Day EMA, because if it does then I think we do really start to take off to the upside again. Conversely, if we were to break down below the $23 level, then we will start to ask questions about the overall trend and whether or not we can continue to be bullish.

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