Silver Price Forecast – Silver Tests the 200-Day EMA

Silver Price Forecast Video for 22.09.23

Silver Markets Technical Analysis

Silver has gapped lower to kick off the trading session on Thursday, showing signs of negativity as interest rates in the United States have spiked. This of course is very negative for gold, and it should not be a huge surprise to see that the market has struggled a bit, but it’s also worth noting that we are sitting on top of the 200-Day EMA, which of course is a large technical indicator that a lot of people pay close attention to. It’s also basically where we broke out of, and it does suggest perhaps there’s a little bit of “market memory.”

The 50-Day EMA above offers a lot of potential resistance as well, so that is something worth paying attention to. The 50-Day EMA is essentially going sideways in general; I think if we can break above the highs of the trading session on Wednesday, then it opens up the possibility of a move to the $25.50 level. Remember, the $25.50 level has been an area of significant resistance in the past, so it should come into the picture as a bit of a barrier. Breaking above there could then open up a move to the $26.50 level. Underneath, if we break down below the $22.50 level, then it opens up a flood of selling when it comes to silver.

Remember, silver is an extremely volatile market under most circumstances, and we see a lot of “push/pull” in this market at the moment. All things being equal, I think we have a lot of volatility ahead of us and therefore you need to be very cautious about the position sizing and therefore it’s a scenario that we need to be cautious about putting too much money into the market and dealing with the type of noise and dangerous behavior that people will pay attention to.

In general, this is a market that I think continues to see a lot of noise and therefore I think we’ve got a situation where the silver traders will continue to have to deal with a lot of issues, not the least of which will be the bond markets, but also the overall risk appetite around the world.

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