Silver Price Forecast – Silver Continues to See Noise Just Above

Silver Price Forecast Video for 28.03.23

Silver Markets Technical Analysis

Silver has rallied a bit during the trading session on Monday, as we gapped higher to kick off the trading session. However, the market has pulled back a bit to break down below the bottom of the shooting star from the Friday session. The Friday session of course is a sign of running into significant resistance, and the Monday candlestick does continue to see quite a bit of negativity. Silver had initially rallied a couple of weeks ago, but we have not seen any significant pullback. Perhaps that is getting ready to happen.

Keep in mind that momentum is starting to run out as we have slammed into an area where we have seen a lot of noisy behavior, as we have seen a major amount of back and forth between the $23 level and the $24.60 area. Any signs of exhaustion probably get sold into, and that’s exactly what we are seeing it happen. All things being equal, the market falling from here could open up and move down to the 50-Day EMA, which is sitting near the $22.17 level, and is rising. It had recently bounced from the 200-Day EMA, and therefore I think that 50-Day indicator will be looked at as a potential technical support indicator that a lot of people will be paying attention to.

All that being said, if we were to break above the highs, that could open up a move to the $25 level, but then we have the $26 level. The $26 level had seen a lot of selling pressure a while back, so I think it does suggest that it would be very difficult to get above there. In the short term, I would anticipate that this market pulls back, but I do think that there would be plenty of buyers underneath to pick it back up.

Keep in mind that silver is not only a precious metal, but it’s an industrial one as well. Industrial demand could very well crater, due to the fact that the global economy looks as if it is ready to slow down, and therefore that could be something that you should pay close attention to with silver.

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