Silver Price Forecast – Silver Continues to Find Buyers on Dips
Silver Price Forecast Video for 02.02.23
Silver Markets Technical Analysis
Silver has initially fallen a bit during the trading session on Wednesday initially, but then turned around to show signs of life again. Ultimately, this is a market that has been stuck in a range for a while, with a $23.50 level offering support, and the $24.50 level offering resistance. Because of this, I think it’s likely that the market will continue to be back and forth, but with the FOMC meeting during the day and of course having a press conference, it’ll be interesting to see how silver behaves.
Nonetheless, if we do pull back, I think there are plenty of buyers below, especially near the $23 level. The $23 level being broken to the downside would open up more selling, perhaps reaching down to the 200-Day EMA, which would essentially be the $22 level. On the other hand, we could turn around and take off to the upside. If we break above the $24.50 level, we could go to the $25 level.
The $25 level has a ton of noise above it, extending to the $26 level. In other words, I think we are basically squeezing in this overall range and until we are through a lot of this turbulence in the financial markets. Quite frankly, silver does look healthy and of course so does gold, which may drag it right along with it. That being said, pay close attention to what the US dollar is doing, because the negative correlation could very well come into play after the FOMC meeting. Keep your position size reasonable as well.
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