Silver Price Forecast – Silver Continues to Be Attracted to $24

Silver Price Forecast Video for 19.01.23

Silver Markets Technical Analysis

Silver markets have bounced from the crucial $24 level, as we continue to see this area offer a lot of support and resistance in the shorter-term setup that we have been involved in. As we continue to consolidate between $23.50 and $24.50 level, it’s obvious that we are trying to work off some of the froth from earlier trading. That being said, there’s no real catalyst to get this market moving at the moment, so it’ll be interesting to see whether or not we just simply drift sideways.

Typically, consolidation leads to continuation, but trends do have to end sooner or later. With that being the case, one would assume that sooner or later we would probably make an attempt to get above the $25 level, but breaking down below the $23 level could lead to significant selling. Speaking of the $23 level, it is probably worth noting that the 50-Day EMA sits just below that level, so it’s probably worth paying close attention to. If we were to break down below there, one would have to assume that there would be a bit of psychological damage, perhaps sending silver back down to the 200-Day EMA.

The markets will continue to be very choppy to say the least, but I do think that eventually we will see some type of momentum come back into them. Keep in mind that silver is not only a precious metal, but it also has a significant industrial use as well, so that’s something that you should probably keep in any equation that you try to sort out. As things stand right now, I think we continue to go back and forth until we get some type of catalyst that really gets the markets fired up.

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