Silver Price Forecast – Silver Looking Higher

Silver Price Forecast Video for 10.04.23

Silver Markets Technical Analysis

Silver fell on Thursday but bounced from the crucial $25 level. Because of this, the market looks as if there are still plenty of buyers underneath that could get involved. As Friday was Good Friday, it makes the Thursday candlestick the only thing that we can base our analysis on. Offering $25 as a major support level suggests that perhaps silver will start to perk up again, looking to higher levels.

This does make a certain amount of sense, due to the fact that we have seen so much pressure on the Federal Reserve to cut rates. After all, traders around the world are looking to protect wealth, and gold markets have gone remarkably higher. Silver serves a similar function to gold in that sense, but it also has industrial factors that you have to worry about as well. After all, the silver markets are heavily influenced by industrial demand in things like automobiles, electronics, and of course solar. With all that being said, if we are going to see an industrial slowdown around the world, that could put a little bit of weight around the neck of silver, thereby making it underperform gold. On the other hand, if we start to see a flood away from the precious metals markets, that means silver will fall even quicker. This is not what I expect, but it is something that you need to keep in the back of your mind.

If we were to break down from here, there are plenty of support levels underneath that probably offer enough support the people would be interested in picking a “cheap silver. The first and most obvious level would be near the $24 level, as it was a magnet for prices previously. Underneath there, then we have the 50-Day EMA which is rapidly approaching the $23 level. Ultimately, if you are looking to buy silver, you need to find a little bit of value before you start chasing what has been an extraordinarily overextended move. Finding value is the only way to go, and therefore being patient with your entries probably saves you quite a bit of a hassle.

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