Silver Price Forecast – Silver Markets Continue to Consolidate

Silver Price Forecast Video for 17.01.23

Silver Markets Technical Analysis

Silver markets have gone back and forth during the trading session on Monday, but you should keep in mind that it was Martin Luther King Jr. Day in the United States, so it has taken some of the hours, and by extension some of the liquidity, out of the silver markets. Nonetheless, we are at the top of the consolidation area and the candlestick down suggest that there is a little bit of a hesitation. That hesitation almost certainly would be a signal that we aren’t quite ready to take off to the upside.

This makes a certain amount of sense, because for quite some time, the $25 level has been important in this market. J.P. Morgan has been busted multiple times manipulating the market every time he gets to this area, and the fines that they pay don’t come anywhere near costing more than the gains they have made. In other words, it’s part of the cost of doing business. I’m not saying that we can’t get above $25, just that it’s going to take some type a Herculean effort to make that happen.

Silver has a long history of breaking hearts, so I tend to look at it through the prism of short-term trading, which at this point favors more back-and-forth between the $24.50 level on the top, and the $23.50 level underneath. It wouldn’t surprise me at all to be stuck in this range for a while, especially considering how strong the move to the upside was to get here. After all, there’s only so much momentum that can be found in a market, as eventually you run out of buyers. It’s also worth noting that the 50-Day EMA is rapidly approaching the $23 level.

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