Silver Price Forecast – Silver Breaks Down Hard

Silver Price Forecast Video for 24.01.23

Silver Markets Technical Analysis

Silver has fallen rather hard during the trading session on Monday to kick off the week on its back foot. At this point, it looks like it’s going to go careening into the $23 level, an area that has been important more than once. Because of this, I think we are setting up for a big fight at the 50-Day EMA and the $23 level, an area that I think will be difficult to break through. However, I’m not saying it’s impossible. After all, the momentum is rather vicious, so be interesting to see whether or not this holds up.

If it does hold up, then we could get a return to $24, but right now I need to see a little bit of stability before I put money to work. Perhaps I would look to something like the hourly chart for a hammer or some other sign of buying pressure. If we break down below the 50-Day EMA, then it’s likely that we go looking to the $22 level, where the 200-Day EMA currently sits, and of course there is a certain amount of structural support that has been hanging around there.

The biggest concern I have now is the fact that the candlestick is so huge that it obviously suggests that there was real fear in this move. Because of this, I think it pays to sit back and wait for the market to tell you what it’s going to do next. Keep in mind that silver is extraordinarily volatile, so therefore you should keep your position size reasonable as a will most certainly cause you headaches if you are not careful. I do think that eventually you should get a nice opportunity, but be cautious.

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