Silver Price Forecast – Silver Continues to Find Support

Silver Price Forecast Video for 17.05.23

Silver Markets Technical Analysis

Silver markets initially fell during the trading session on Tuesday, breaking down a little lower than we had seen over the last couple of days. That being said, the market has turned around to show signs of life again, and suggests that the 38.2% Fibonacci level is going to continue to be important going forward. With that being said, the market will likely be very noisy, but that is typical for silver to begin with. If the market can break above the 50-Day EMA, we could start to get a move to the upside, perhaps even running all the way to the $25 level.

If we were to break down below the lows of the trading session on Tuesday, then it opens up a move down to the $23 level. In that same general vicinity, we have the 200-Day EMA, which obviously will attract a lot of attention, and just above that area we have the 50% Fibonacci level. In other words, it’s an area where I would expect a lot of technical traders to get involved. In that general vicinity, I would anticipate that we would start defining the trend overall. Ultimately, I think the next couple of days will be important, and therefore I think you’ve got a situation where we will eventually get an impulsive candlestick, and it will give you an idea as to where we are going next.

Pay attention to the US Dollar because there is of course a negative correlation at times, and most of the time that does hold. The market will continue to see a lot of noise right around this area, but ultimately we are looking for some type of clarity, and eventually when we get it should see quite a bit of momentum. At this point, market participants will continue to see plenty of opportunities, but they will have to be somewhat cautious with jumping into a huge position, as silver is known to cause headaches for those who try to get too aggressive right away. Adding to a winning position is the best way to go in this market, and more likely than not there will be enough buyers to make that move to the upside eventually.

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