Silver Price Forecast – Silver Stabilizes Again on Friday After Jobs Number

Silver Price Forecast Video for 08-01-2024

Silver Markets Technical Analysis

It certainly seems as if silver is trying to defend the $23 level. And this is an area that has been important in the past, so I would not be overly surprised. With that being the case, I think you’ve got a situation where silver is a market that’s going to be very noisy and choppy. This is typical for silver anyway, so if you have been trading the market for a while, you learn to expect this type of volatility and noise. The only antidote for this, of course, is to keep your position size reasonable as silver can cause a lot of trouble for a trader if they have no idea what they are dealing with.

Of course, with the jobs number being released on Friday, that has a certain amount of volatility that gets introduced into the market regardless. If we can break above the 200-day EMA, I think that will bring in more buying momentum and perhaps send silver to much higher levels, maybe to the $24.50 level. Silver has been sold off rather aggressively over the last couple of days.

With the Thursday session offering a little bit of stability now the question will be whether or not Friday follows through. A break above that 200 day EMA for me is a sign that it has and that we probably go much higher, because of this, I am a little bit patient, but I will be waiting to see if that happens or if it does not and we find ourselves breaking down from here.

The next major support level is found near the $22 level. $22 has been a major support level going back quite some time and an area where we’ve seen action multiple times in the past. Because of this, I think it would also attract a lot of attention, so I am definitely going to be watching that because I do think we have a situation where market participants are looking to put risk on with the Federal Reserve likely to cut rates this year, and this has everybody itching to buy things like silver, cryptocurrency, stocks, et cetera.

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