Silver Price Forecast – Silver Continues to Grind Back And Forth

Silver Price Forecast Video for 16-01-2024

Silver Markets Technical Analysis

Silver was rather quiet during most of the trading session early on Monday, which is not a huge surprise as it was Martin Luther King Jr. holiday in the United States. So, the actual futures markets themselves would have very limited electronic trading. Furthermore, we are looking at the 200 day EMA sitting just above, and that of course offers a certain amount of resistance. That resistance is not only technical, but it is also a bit psychological as well.

Above there, the market is testing the 50 day EMA as well and therefore I think it’s probably only a matter of time before markets then try to break above the 50 day EMA and reach the $24.50 level. All things being equal, this is a market that I think we are going to eventually see buyers push the price higher as we are closer to the bottom than we are at the top of the overall consolidation area, which is the $22 level on the bottom and the $26 level on the top. However, that doesn’t necessarily mean that you want to jump into silver right away, nor do you want to have a huge position.

Silver is notorious for being volatile and therefore you need to be very cautious, but I look at this as a buy on the dip type of scenario. I would start out slowly and if the position starts to work out for you, then you can always add to it. Silver is very noisy under the best of circumstances and right now we have a lot of questions about bond yields, global growth, and geopolitical concerns, so there’s so much going on out there that it’s not a huge surprise that silver has been so messy. I think that continues to be the case, so you need to be very cautious with putting a huge position out there anytime soon. This is not to say that you can’t be a buyer or seller, but you are better off waiting for value.

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