Silver Price Forecast – Silver Rallies Again

Silver Price Forecast Video for 16.11.23

Silver Markets Technical Analysis

Silver has rallied a bit during the trading session on Wednesday, as we test the recent highs yet again. That being said, the market is likely to continue to be very noisy and of course silver is quite often very difficult to get a handle on anyway. It’s also worth noting that we had given back some of the gains at the very top of the candlestick, so whether or not we can break out remains to be seen. Somewhere around the $24 level there are a lot of traders willing to short this market, but I also believe that the market is going to be paying more attention to the bond market than anything else. After all, the interest rate markets have a directly negative correlation.

Underneath, we have the 200-Day EMA offering support at the bottom of the daily candlestick, so that’s obviously an area that we need to pay close attention to. If we were to break down below the 200-Day EMA, then the market could drop down to the 50-Day EMA, but at this point it looks like there would be plenty of buyers underneath given enough time.

Adding to some of the noise in the market is the fact that the PPI numbers came out hotter than anticipated, directly contradicting the CPI numbers during the previous session. In other words, expect to see a lot of noisy behavior, and therefore you need to be very cautious with your position sizing. It’s also worth noting that the silver market has shot straight up in the air over the last couple of days, and therefore a little bit of a pullback and a reentry makes more sense than anything else. However, if we break above the $24 level, then it’s likely that we could go looking to the $25 level.

In general, I think this is a market that continues to consolidate overall, so I find silver a bit too expensive at this point, but I would follow the momentum if we did break out, something that is possible that at this point in time is likely that the market just simply chops around and causes more volatility than anything else.

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