Silver Price Forecast – Silver Bounces From the 200-Day EMA
Silver Price Forecast Video for 29.05.23
Silver Markets Technical Analysis
Silver bounced on Friday to show signs of strength at the 200-Day EMA, showing that there are still plenty of buyers out there. The 200-Day EMA indicates that many people pay close attention to determine the trend, and of course, it’s probably worth noting that we are hanging around the 50% Fibonacci level. Because of this, the market is likely to continue to see a lot of noisy behavior, but if we can break above the highs of the Friday session, then I think it might be worth taking a look at the upside in this market as it offers a bit of value at this point. Whether or not we can continue the upward trajectory remains to be seen. Still, it certainly looks as if many volatile moves are waiting to happen as the market continues to see a line of questions about whether wealth preservation is still a major concern.
Furthermore, we have to look at the idea that silver is also an industrial metal, so it could continue to cause some issues as to whether or not it will strengthen. After all, this economic situation is not ideal, and industrial demand will drop if the overall global economy slows down. This will be confirmed if we break down below the 61.8% Fibonacci level because it allows the silver market to chop through the $22 level and possibly even as low as the $20 level.
If we rally from here, the 50-Day EMA is just above the $24 level and could offer some resistance. If we break above the top of the Friday candle, I think the market at least attempting to go higher makes sense. All things being equal, we can see a lot of choppy behavior and, therefore, volatility. Keep your position size reasonable because silver tends to be volatile under the best circumstances and can cause havoc with your trading account. Nonetheless, we are in a situation where you will have to be cautious, but clearly, a certain amount of value is being offered. In general, be cautious, but I do think that you at least have an opportunity to find “cheap silver.”
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