Silver Price Forecast – Silver Bounces Slightly on Wednesday Waiting for the Fed

Silver Price Forecast Video for 15.06.23

Silver Markets Technical Analysis

Silver rallied a bit during the trading session on Wednesday, showing signs of life again as we continue to hang around the 50-Day EMA. Because of this, the market is likely to continue to see a little bit of volatility, not to mention the fact that we are waiting on the Federal Reserve announcement later in the day. The market of course has been using silver for wealth preservation until recently, so now the question is whether or not this potential “bottoming pattern” will continue to pan out.

Underneath, we have the 200-Day EMA offering support near the $23 level, and of course giving up the 200-Day EMA is a very negative turn of events, perhaps opening up the possibility of a test of the $22 level, and then possibly the $20 level underneath. The $20 level is where we have launched previously, and therefore if we do fall below the 200-Day EMA and perhaps the 61.8% Fibonacci level, that’s probably the target.

On the other hand, if the market were to break above the highs of last week, it opens up the possibility of a move to the $25 level, which is a large, round, psychologically significant figure, and an area where a lot of previous support had been found, perhaps opening up the possibility of trouble in the form of “market memory.” That being said, if we can take that out to the upside, it’s possible that we could go all the way to the $26 level, perhaps even the $26.40 level where we had peaked previously.

Regardless, it is going to be a volatile market, and you need to be very cautious about your position sizing, and of course whether you choose to get aggressive as far as adding to a position is concerned. At this point, it still looks like it is somewhat bullish, but we will have to pay close attention to the statement and the press conference after the interest rate announcement, as it could give us a bit of a “heads up” as to how the market will behave once it is all said and done.

For a look at all of today’s economic events, check out our economic calendar.