Silver Price Forecast – Silver Continues to Chop

Silver Price Forecast Video for 27.10.23

Silver Markets Technical Analysis

Silver has rallied slightly during the trading session on Thursday, as we continue to see a lot of noisy behavior in general. Ultimately, I think this is a market that will continue to hang around this area and digest the previous bullish pressure, as the market has gotten too far ahead of itself at one point. With this, I think it’s probably only a matter of time before the market has to make a bigger decision, but right now we need to work through some of this massive momentum.

The 50-Day EMA is in the same neighborhood as we are right now, and then of course we have the 200-Day EMA doing the same thing. Looking at these moving averages, they are flat, and it does suggest that perhaps we have nowhere to be. All things being equal, the market is likely to continue to see this area as difficult to break above, but if we can finally break above those moving averages to go looking toward the $24 level. The $24 level opens up a bigger move, perhaps moving to the $25 level.

If we turn around and break down below the lows the last couple of days, the market could go down to the $22 level. All things being equal, the market is likely to pull back occasionally, but at the end of the day we still have seen a lot of upward pressure. Furthermore, there is the geopolitical noise out there that continues to have people looking for safe haven assets, and while silver plays 2^nd fiddle to its cousin gold, it does have a little bit of that going for it.

Ultimately, I do think that you are going to have a lot of noisy trading, and at this point I think we’ve got a situation where we will more likely than not continue to have to be very cautious with their position sizing. That being said, as I look at this chart, it’s possible that we could see a little bit of a bullish flag trying to form itself as well. In other words, I think we are getting ready to see a big move, but you are better off waiting for some type of momentum to present itself before following.

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