Silver Price Forecast – Silver is Noisy Yet Again on Monday

Silver Price Forecast Video for 11.04.23

Silver Markets Technical Analysis

Silver continues to see a lot of back and forth, as we have seen the $25 level as a bit of a magnet for price. Ultimately, I think we probably have a situation where the market continues to see more noise than anything else, therefore you will have to be very cautious with your position size. Quite frankly, the overall attitude of the market has been overly bullish, but it cannot go straight up in the air forever.

Furthermore, you need to keep in mind that the silver market is a little bit different than gold in the sense that there’s much more of an industrial component when it comes to pricing silver. Because of this, we have to keep an eye on whether or not the economy is going to start to struggle, and if it does it’s very likely that we would see silver take a bit of a punch in the face. After all, less demand for silver from industry is not good. That being said, the market continues to see a lot of volatility in general, not just in the silver market. Because of this, you need to keep your position sizing under control, because the market has been “one-way” for so long that it needs a correction.

Underneath, the $24 level could be a target if we break down a bit, as it is an area where we have seen a lot of noise in the past. Breaking below the $24 level then opens up the possibility of a move down to the $23.50 level. The $23.50 level of course is an area that was the bottom of consolidation previously, so now it will be interesting to see if that holds.

On the upside, if we break above the $25.50 level, that opens up the possibility of a move to the $26 level, which was a major swing high a few years ago. Anything above that opens up a huge air pocket that historically has meant that silver would go racing toward the $50 level. The US dollar course has an influence on this market quite a bit of the time, so pay attention to the US Dollar Index as the negative correlation could come back into the picture.

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