Silver Price Forecast – Silver Shows Signs of Recovery

Silver Price Forecast Video for 23.05.23

Silver Markets Technical Analysis

Silver initially fell against the US dollar but then turned around to show signs of life as it looks like we are gradually seeing value hunters come back into the market to take advantage of so-called “cheap silver.” Therefore, I think many people will be looking at this through the prism of trying to find value after such a huge run higher. The market is currently hanging around the 38.2% Fibonacci level, right around the $24 level.

The fact that we are trying to turn things around and show signs of support, and therefore, I think it’ll be interesting to see whether or not the market takes out the 50-Day EMA on some recovery. If it does, then it’s likely that the market is looking to the $25 level and therefore testing a large, round, psychologically significant figure. If the market were to break above there, then the market would almost certainly go look into the $25.50 level.

If the market were to break down below the most recent pullback, we could look to the 200-Day EMA, which sits below the $23 level. That, of course, is an indicator that a lot of people use to determine the trend, so it’s possible that we could see a little bit of interest in that area. Underneath there, then the 61.8% Fibonacci level could be a major support level well, but quite frankly, I think if we break down below the 200-Day EMA, then it’s possible that the market could start to fall apart.

Pay attention to the US Dollar Index, because it has a huge negative correlation to silver most of the time and of course you have to pay attention to the fact that silver is also an industrial metal, so therefore we also have to worry about whether or not the market is going to continue to see the noise of the slowing economy caused some issues as well. Either way, I do think that silver is probably more likely than not going to bounce from this general vicinity. With this, the market is likely to continue to be noisy, but that’s nothing new for silver.

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