Silver Price Forecast – Silver Bounces to Kick Off the Week

Silver Price Forecast Video for 21.02.23

Silver Markets Technical Analysis

Silver markets have initially pulled back just a bit during the trading session on Monday, but then turned around to show signs of life again. The 200-Day EMA just above at the $22 level is worth paying attention to, and it will obviously suggest that there should be a bit of a difficult area to get above. If we can break above the $22 level, then it’s likely that we can look into the $22.50 level, and then possibly even the 50-Day EMA which is an area that previously had seen a bit of precious. The $22.70 level is an area where I would anticipate a bit of a fight as well. However, if we can get above all of that, then it’s likely that silver will try to go to the upside and the highs that we had recently seen.

Keep in mind that silver has a negative correlation with the US dollar, so if the US dollar starts a selloff, it’s likely that silver will be a major beneficiary. Furthermore, the 50% Fibonacci level has offered significant support during Friday’s trading, as we ended up forming a nice-looking hammer and an area that of course will offer quite a bit of interest. That being said, nothing’s guaranteed but it certainly looks as if this is a nice area where a lot of people will be interested in picking up a bit of value in a market that has been extraordinarily bullish.

If we were to break down below the bottom of the hammer from the trading session, then it would be a negative look, and we probably go look into the $20 level underneath, maybe even as low as $19.50, where we had taken off from previously. Regardless, keep your position size reasonable as silver is extraordinarily volatile under the best of conditions.

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