Silver Price Forecast – Silver Sits Above $25

Silver Price Forecast Video for 19.04.23

Silver Markets Technical Analysis

Silver rallied ever so slightly during the early hours on Tuesday, as we are sitting just above the psychologically important $25 level. Keep in mind that silver has had a nice little bit of a pullback over the last couple of days, which was definitely needed after the huge run higher. Whether or not we can continue to go higher remains to be seen, but a pullback could do a lot of good for the market, as we have had basically a nonstop run higher from the $20 level.

If we do break down below the $25 level, it’s possible that we could drop down to the $24 level, an area that has been a bit of a magnet for price over the last several months. In fact, when you look at both December and January, we basically used $24 as “fair value” in that trading block. Furthermore, it would give traders who have missed the rally to the upside an opportunity to pick silver at a better price. After all, people don’t like to chase trades typically, so therefore any pullback at this point in time could be thought of as value.

If we were to somehow break below the 50-Day EMA, then I think a much deeper correction could be in the cards, but the 50-Day EMA sits almost $2 below where we are right now. Alternatively, if we can turn around and take out the high from a few days ago, then it opens up the possibility of the market reaching toward the $27 level. The $27 level being broken to the upside then opens up the possibility of a move to the $30 level, which of course has a certain amount of psychological importance, and will cost a lot of headlines.

Pay attention to the US Dollar Index, because silver and the US dollar have a negative correlation most of the time, but not all of the time. This is because silver also has an industrial component to the pricing of it as well, so if there is going to be a lack of industrial demand, that will weigh upon the price of silver.

For a look at all of today’s economic events, check out our economic calendar.