Silver Price Forecast – Silver Rallies Into the Weekend

Silver Price Forecast Video for 19.06.23

Silver Weekly Technical Analysis

Silver rallied a bit during the trading session on Friday, breaking above the 50-Day EMA, as we are now above the $24 level in the futures market. Ultimately, if we can break out above the $24.50 level, it opens up the possibility of a move to the $25 level. The 50-Day EMA is an indicator that a lot of people pay close attention to, as we continue to go back and forth. The hammer that formed on Thursday is yet another reason to think that there is a certain amount of bullish pressure, as we had bounced from the area near the 50% Fibonacci level, and just above the 200-Week EMA.

I do expect to see more volatility and that makes sense considering just how volatile silver is under the normal conditions, and now we have quite a bit of concerns when it comes to central banks, as they remain tight, but the Federal Reserve did choose to skip raising rates this past month, so that might give us a bit of an opportunity to take advantage of the perceived weakness from the Federal Reserve. Ultimately, this is a situation where buyers will continue to come in on dips, and therefore as long as we stay above the 200-Day EMA, you have to assume that the market is going to continue to see a lot of bullish pressure, but ultimately, I think this is a situation where we are trying to figure out whether or not we can continue to see momentum to the upside.

I think you have to be very cautious, but I do like the idea of buying dips in silver, at least until we break down below the 200-Day EMA. The 200-Day EMA is important, and a lot of people will pay close attention to it. The 61.8% Fibonacci level is sitting just underneath there, and a lot of people will look at that as potentially important. If we can break above the $25 level, I suspect that you will have more “FOMO traders” coming into this market as well. Remember, pay close attention to the US dollar and its negative correlation, therefore this will probably be a direct reflection on what’s going on in the Forex markets.

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