Silver Price Forecast – Silver Continues to be Very Noisy

Silver Price Forecast Video for 17-01-2024

Silver Markets Technical Analysis

Silver has fallen a bit during the Tuesday session and at this point in time it certainly looks like we are going to continue to see a lot of noisy behavior. That being said, the market is likely to continue to see a lot of back and forth, but all things being equal, I do think that the $22 level underneath will end up being a major support level that people hang on to. As long as we can stay above the $22 level, it gives us an idea that we are just simply going to stay in the same consolidation region.

The 200-day EMA above offers short-term resistance and breaking above that level then opens up the possibility of a move to the $24.50 level, and then possibly even as high as the $26 level, which is the top of the longer term consolidation area. So, with that being said, the market is most certainly one which is going to be noisy, influenced by multiple different things at the same time, not the least of which would be interest rates, but we also have to worry about geopolitical concerns and of course we have to worry about the perceived central bank direction.

With all of this being said, I think we are essentially in the middle of a consolidation phase that could very well end up lasting most of the year. So, as we are closer to the bottom of the overall range than the top, I think it’s probably only a matter of time before we bounce, but I would let it pull back a bit further before actually buying into this market. All things considered, I do like silver for the longer term but right now it looks like we are struggling a bit to pick up momentum, and therefore it is market that you need to be rather cautious with at the moment, as there are so many different moving pieces currently being factored into the marketplace.

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