Silver Price Forecast – Silver Continues to Look for Support

Silver Price Forecast Video for 18.05.23

Silver Markets Technical Analysis

Silver continues to see a lot of support in this general vicinity, and therefore it’s likely that we can continue to see a little bit of back and forth. We are currently hovering around the 38.2% Fibonacci level, which in and of itself will probably attract a certain amount of attention. The 50-Day EMA sits above at the $23.40 area, and is offering a bit of technical resistance. However, if we can break above there then it opens up a move to the $25 level. The $25 level course has a certain amount of psychology attached to it so it does make an argument for a little bit of a short-term ceiling. If it can break above that, then silver will continue its overall trajectory to the upside.

On the other hand, if we were to break down below the $23.50 level, then it’s likely that we would have more downward pressure, perhaps opening up a move down to the 200-Day EMA. The 200-Day EMA is sitting just below the $23 level, so that does of course offer a little bit of potential support as well. Furthermore, we also have the 50% Fibonacci level sitting right around the same area, so it all comes together for a potential bounce.

Keep in mind that a lot of traders have been using precious metals as a way to protect wealth at the moment, and therefore you need to look at this through the potential of taking advantage of “cheap silver.” In this environment, a lot of people will be looking at this as a potential opportunity, but keep in mind that the silver market is very volatile under the best of conditions, so position sizing will be crucial, but on the flipside of that, if the market really started to take off in your direction, you can add to a position and really start to pile into the profits. Regardless, be cautious with silver and recognizes that it can be a very dangerous market at times. Either way, it certainly looks as if were about to see momentum enter the picture again.

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