Silver Price Forecast – Silver Bounces From the Bottom of the Range
Silver Price Forecast Video for 20.01.23
Silver Markets Technical Analysis
Silver has fallen rather hard during the session on Thursday, reaching down to the bottom of the consolidation area that we have been in. However, we have seen the market bounce from there again, so it’s not a huge surprise that I suspect that the market could bounce a little further. This is a market that has been consolidating for a while, with the $24 level is a bit of a “fair value level” in this market. Beyond that, I think that the $25 level above is a major barrier that will be difficult to overcome, and I think quite frankly we would need to see a major boost in effort to make that happen.
On the downside, the $23 level continues to be important, as the 50-Day EMA is approaching that level. If we can break down below there, then I think it’s very likely that the market could drop to the $22 level where we would start to take a look at the 200-Day EMA. Ultimately, this is a market that is going to remain very noisy, but it’s in an obvious consolidation phase, so I’m going to be taking advantage of that until we finally break out of it.
Eventually, range bound markets break out, but the idea is to make as much money as possible while we continue to bounce around between 2 obvious levels. That’s essentially where I am paying close attention to, and we will have to wait and see how this plays out. Ultimately, this is a market that has given you a nice rectangle to trade, so you should take advantage of it.
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