Silver Price Forecast – Silver Markets Find Buyers on the Dip

Silver Price Forecast Video for 16.01.23

Silver Markets Technical Analysis

Silver has pulled back just a bit during the trading session on Friday, only to turn around and show signs of strength. Ultimately, the market is likely to continue the overall choppy behavior, and I think if you are a short-term trader, this has been a good market for you. Ultimately, I think the silver markets are simply taken a bit of a breather after the massive shot higher and digesting those gains. After all, the 50-Day EMA is starting to reach toward the $23 level, so I think that is starting to build a little bit of a “floor in the market” for you to trade off of.

If we do take off to the upside, it’s likely that we could see the $25 level, an area that I think will attract a lot of attention due to the fact that it is a large, round, psychologically significant bit of that figure, and of course the fact that we have seen a lot of resistance in that area. After all, historically, the $25 level has been difficult for quite some time, so I think that’s part of what you are seeing, the market trying to gauge whether or not it can actually take it out.

If we do break down below the $23 level, then it’s possible that we could drop down to the 200-Day EMA, but I also believe that it’s the unlikeliest of paths going forward. I do not have any interest in shorting silver, at least not yet. However, I will take it day by day and see whether or not we start to get selling pressure that adds up to anything important.

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