Silver Price Forecast – Silver Rallies Again on Wednesday

Silver Price Forecast Video for 11.05.23

Silver Markets Technical Analysis

Silver has shown itself to be rather resilient over the last couple of days, even as it drifted lower. With the CPI number coming out a little lighter than anticipated during the early hours on Wednesday, we have seen silver picked back up. Ultimately, this is a bullish market and not much has changed, as it looks like we continue to be buyers overall. With that, I think the silver market is most certainly worth paying close attention to, but it is also going to be used as wealth preservation, so all things being equal, I suspect this is a situation where silver is set to shine.

On the downside, I still see the $25 level as a major support level, and I do think that it is probably only a matter of time before we see traders take advantage of any pullback as potential value in the silver market, as it has been so strong. Furthermore, from a technical analysis standpoint you can see that there is a pennant that had formed, and it does make a certain amount of sense that we would see traders pay close attention to it as a guidepost. In fact, the pennant measures for a potential move all the way to the $31 level, although I don’t expect to see that happen immediately. Ultimately, this is a market that I think given enough time does find plenty of value hunters and “FOMO traders”, but I think we have a situation for buyers to take advantage of any type of pullback, as it gives you an opportunity to find “cheap silver.”

Ultimately, I do think that the 50-Day EMA is racing toward the $25 level, and I think that also offers plenty of support as well. With this, silver continues to be a “buy on the dip” situation, and therefore I have no interest in shorting this market, and therefore I recognize that value is at a premium in a market that has been so strong. If the market can break above the $27 level and can really start to take off and go much higher. Because of this, I look at support candles such as the hammer from the Tuesday session as potential buying opportunities.

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