Silver Price Forecast – Silver Markets Give Up Early Gains on Friday

Silver markets initially rallied during the course of the trading session on Friday but gave back the gains once we got above the 50 day EMA. The candlestick ended up being a bit of a shooting star, which of course suggests that we are still going to continue struggling going higher. At this point, we are simply just going back and forth around the 50 day EMA, which attracts a lot of different people. You can also see that we had formed a couple of shooting stars in a couple of hammers as we are starting to carve out a bit of a tight range that it looks like we are going to be stuck in.

SILVER Video 03.01.22

The $23.50 level above is resistance, but at the same time the $22.65 level underneath seems to be significant support. It is not until we break out of this range that we can put serious money to work. Keep in mind that the silver market tends to be noisy to say the least, so yet to be very careful about putting a bunch of money into the market until it gives you clarity. As we head into the beginning of next year, it may stay choppy for a few more days but by the end of the week we should start to have normal volume again. Once we get a daily break out of this little mini range, then am willing to put money to work in whichever direction it shows. Until then, it is a simple matter of observing the market and following whichever direction it decides is correct.

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