Silver Price Forecast – Silver Continues to See Downward Pressure

Silver Price Forecast Video for 23.06.23

Silver Markets Technical Analysis

As the Americans jump on board, silver finds itself at the 61.8% Fibonacci retracement level, which of course a lot of people pay close attention to. Up next will be the $22 level. Anything below the $22 level could be rather catastrophic for silver, and you can see that since we reached the highs, there have been a couple of massive impulsive red candlesticks followed by a lot of choppiness. This is quite typical for this market. Therefore, I think we’ve got a situation where there is more of a “fade the rally” field to this market, but if we were to break above the 200-Day EMA, then we could go looking to the 50-Day EMA above, near the $23.90 level.

Ultimately, you have to ask questions about whether or not they are starting to price in less industrial demand for silver because, unlike gold, it’s not just a precious metal, it is an industrial one as well. Perhaps this is a reaction to serious concerns when it comes to the global economy and whether or not it can grow, so when you look at this it’s likely that we continue to see a lot of noisy behavior, due to the fact that there are so many crosswinds. That being said, the market is typically noisy to begin with, so that’s just an extension of what we would expect to see. If we were to turn around and start buying now, that might be a good sign. However, this is a market that has seen quite a few hard body blows recently, and therefore I think a lot of people are somewhat concerned about buying silver. You have to be very cautious with this market, due to the fact that the volatility and the contract size can be a major issue.

The one thing you can do to work against that is cut your position size down, recognizing that the most important thing you can do is protect yourself in a market that does not seem to know what it wants to do, as some markets like silver are getting eviscerated, but at the other side of the spectrum you have other risk assets that seem to be doing okay.

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