Silver Price Forecast – Silver Drifts Lower

Silver Price Forecast Video for 14.11.23

Silver Markets Technical Analysis

Silver drifted a bit lower during the trading session on Monday, as we continue to see a bit of a pullback in this market. At this point, silver does look like it is becoming rather negative again, and therefore we need to pay close attention to the $22 level because it is a large, round, psychologically significant figure and an area that a lot of people will be paying attention to not only for that but also the fact that we shot straight up in the air from there.

Looking at this chart, if we were to take out the high from the Monday session, that could have the silver market racing toward the 50-Day EMA, which has recently offered a bit of resistance. Just above there, we have the 200-Day EMA, suggesting that we are flattening out, and therefore that area should be a significant area of resistance.

All things being equal, I think the next couple of days will be crucial, and the direction that the market picks is probably going to make itself very apparent as we need to see a little bit of momentum either pick up to the upside yet again, or a breakdown through that crucial $22 level. At this point, it looks like we are going to see at least an attempt to support the market as the Americans step on board, but by the end of the day, or perhaps Tuesday, we may have a bit more clarity for a set up.

All things being equal, if I did have to set up a trade right now, I would be looking to fade to short-term rallies that show signs of exhaustion near that 50-Day EMA, as silver is not just the precious metal, but it also has a certain amount of industrial component to the pricing of it, and of course people are starting to price in the idea of a massive recession. If that’s going to be the case, then I think the precious metal you should be paying attention to more than anything else will be gold, not necessarily silver as it is typically noisier to begin with and therefore position sizing is so much more crucial here.

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