Silver Price Forecast – Silver Drops But Finds Buyers

Silver Price Forecast Video for 20.02.23

Silver Markets Technical Analysis

Silver has fallen rather hard during the course of the trading session on Friday, to reach out towards the $21 level. The $21 level of course is an area that has seen a bit of support, and therefore I think you got a situation where we could have a lot of fighting in the same general vicinity, but if we were to break down below the $21 level, there is the $20 level next waiting to be targeted.

The shape of the candlestick is very likely to see buyers looking at this through the prism of perhaps a bottoming pattern. If you break above the top of the candlestick, then we could go look into the $22 level above. The $22 level also has the 200-Day EMA hanging around in that area. If we were to break above that, then we could see the market could look into the 50-Day EMA, which is near the $22.73 level. If we break above there, then the $23 level gets targeted, perhaps even the $24 level after that.

Keep in mind that silver is highly levered to risk appetite and of course people will be looking towards the economy to determine whether or not there is going to be a significant amount of demand out there from an industrial standpoint. The candlestick does look rather healthy, so I think we’ve got an opportunity to turn things around here but breaking above the $22 level suggest that we are going to continue to see an attempt to reestablish an uptrend. If we break down from here, then I think the $20 level gets very interesting.

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