Silver Price Forecast – Silver Pulls Back to Find Buyers

Silver Price Forecast Video for 15.05.23

Silver Markets Technical Analysis

Silver initially fell during the trading session on Friday but then turned around to show signs of support. The market forming a bit of a hammer suggests that the $24 level is an area that will attract a lot of attention. It makes sense that $24 would be important because it is the center of previous consolidation going back to the wintertime when we had seen so much in the way of noise. Now that we are hanging around this area, it’ll be interesting to see whether or not the buyers come into the picture and get things moving.

All things being equal, the market certainly looks as if it could be supported in this area, but whether or not it holds remains to be seen. If we can turn around and break back above the 50-Day EMA, then it opens up the possibility of the market moving to the $25 level, which is a large, round, psychologically significant figure and an area that a lot of people would be cognizant of for potential noise. With that in mind, I think this is a market that will continue to be very noisy, but it is worth noting that we have been in a long-term uptrend for a while, and it suggests that the market will continue to at least have people willing to get involved, and trying to pick up value every time it appears. It certainly looks as if it did; therefore I think we’ve got a situation where it makes sense that we are primed for a bounce.

On the other hand, if we were to break down below the bottom of the candlestick for the Friday session, it opens up the possibility of a move down to the $23.50 level. Underneath there, then you have the $23 level followed by the 200-Day EMA indicator, which a lot of people use to determine the overall trend. That obviously should attract a lot of attention and perhaps cause more buying pressure, but if we were to give that up, then the uptrend is over and silver starts to unwind, perhaps in reaction to US dollar strength or lack of industrial demand.

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