Silver Price Forecast – Silver Gaps Lower

Silver Price Forecast Video for 11.01.23

Silver Markets Technical Analysis

Silver markets have gapped lower to kick off the trading session on Tuesday as we continue to see a lot of volatility. Furthermore, we have a lot of concerns when it comes to whether or not we are going to continue to see upward momentum, or if we need to pull back. I think a pullback does make a certain amount of sense, and it does not necessarily mean that the market needs to fall apart.

Silver is an interesting market, mainly due to the fact that it is not only a precious metal, but it is also an industrial one. In this environment, there are a lot of different things moving it around, so you need to be cautious about your position size as things can change quite rapidly. With that being the case, I am looking at this through the prism of the $23 level being supported, so I am hoping to pick up a little bit of a bounce in that general vicinity, assuming that we get it. If we don’t get it, then I think the 50-Day EMA comes into the picture as a potential support barrier as well.

On the upside, I think the $24 level continues to be difficult to overcome, so therefore it will take a significant amount of momentum to turn this market around and take that out, especially to get to the $25 level, something that I don’t think happens easily. With that being the case, I think this pullback should be thought of as a potential buying opportunity, and therefore I’m waiting for some type of bounce that gives us the value that we want to see.

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