Silver Price Forecast – Silver Continues Its Back-and-forth Behavior

Silver Price Forecast Video for 31.01.23

Silver Markets Technical Analysis

Silver has rallied a bit during the trading session on Monday, but it looks as if the market is going to stay in the overall consolidation area that I have marked on the chart. This encompasses the area between the $23.50 level and the $24.50 level. This area has been important for quite some time now, so it’s not a huge surprise to see that we are just simply grinding back and forth. I don’t expect a major shift in attitude any time soon, because quite frankly the market has to worry about the Federal Reserve meeting and of course the statement on Wednesday.

The 50-Day EMA sits just above the $23 level and is rising so that could offer a bit of support. However, if we were to break below the $23 level, it could send this market back down to the $22 region, which is where we have a gap on the futures market charts, and of course we have the 200-Day EMA. On the other hand, if we were to turn around and break above the $24.50 level, then it’s likely that we will go looking to the $25 level. The $25 level has a lot of psychology behind it, so you should pay close attention to it. Breaking above that could bring more FOMO into the market, but also keep in mind that the area above there has a lot of resistance as well.

Silver is typically very choppy, so therefore you need to look at this through the prism of a short-term chart. Once we do break out of this range, you can have a bigger move, but right now we are still looking for directionality, probably through the Federal Reserve meeting on Wednesday.

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