Silver Price Forecast – Silver Stalls Heading Into The Weekend

Silver Price Forecast Video for 29-01-2024

Silver Markets Technical Analysis

Silver has been very quiet during the trading session on Friday as we are hanging around just below the $23 level, which is also backed up by the 200-day EMA and the 50-day EMA indicators. Ultimately, this is a market that I think will continue to look at those moving averages as potential resistance. That being said, we are looking at a market that rallied hard getting here, and that could be the most important thing to keep in mind.

But at this point in time, I think it is more or less a situation where we are just running out of momentum over the last couple of days. After all, we have bounced straight up in the air from the crucial $22 level, and rising almost an entire dollar in a couple of days is a pretty fair and decent amount of momentum entering the market. As we head into the weekend, it does make a certain amount of sense that we would see a potential pullback, but that pullback should end up being a buying opportunity.

After all, when you look at the longer term charts, the $22 level is a major support level, and the $26 level above is a massive resistance barrier. In the meantime, though, I do think that we have a lot of back and forth, and more or less a buy on the dip type of scenario is how I look at the silver market.

Keep in mind that silver is extraordinarily nasty when it comes to volatility, and therefore you need to be cautious with it. But I also recognize that the silver market has a couple of specific factors that come into the picture to give it momentum. For example, you have interest rates because when they drop, that does help silver. The US dollar, if it drops, that does help silver also. But silver has to worry about industrial demand as well, unlike gold, it is an extraordinarily industrially heavily used metal. So, it all ties together for a lot of volatility. I’m buying dips, I’m putting small positions together and riding it to the upside.

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