Silver Price Forecast – Silver Continues to Consolidate

Silver Price Forecast Video for 18.10.23

Silver Markets Technical Analysis

Silver has initially fallen during the trading session on Tuesday in the early hours, but only to turn around and show signs of life. Ultimately, this is a market that I think is going to have to sort itself out, and it is probably worth noting that we are at a previous major support level, and a certain amount of “market memory” could come into the picture. If we were to break down below the lows of the last 48 hours, then I suspect that the market drops back down to the $22 level. On the other hand, if we were to break above the 50-Day EMA, then the market is likely to go much higher, perhaps reaching toward a $24 level.

Silver of course is reacting to the bond markets, and the higher interest rates in the United States. The situation with silver is a little bit more complex than gold, due to the fact that the silver market also has to keep in the back of its mind the value of its industrial use. After all, we do see industrial demand pickup, that can override a lot of noise coming out of the bond market, the US dollar, and many other influences. Furthermore, we have geopolitical concerns, and although silver takes a second seat to gold, it is still considered to be a precious metal. In other words, there’s a lot of noise just waiting to happen in this chart.

It is worth noting that the market shot straight up in the air last Friday, so now the question is whether or not the market will be digesting the gains for a couple of days, or if we get a complete turnaround? The market breaking down would not be the craziest of ideas, due to the fact that this is an area that’s been so important, and of course the 50-Day EMA will attract a certain amount of attention in and of itself. However, after a move like we had on Friday, one would have to believe that there is a certain amount of buying pressure just waiting to get involved, so we could have a very explosive move once it finally does kick off.

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