Silver Price Forecast – Silver Continues to Plow Higher

Silver Price Forecast Video for 28.06.23

Silver Markets Technical Analysis

Silver has rallied rather significantly during the trading session on Tuesday, as we have broken above the 200-Day EMA rather quickly. If we can continue to go higher, it’s very likely that we will see this market try to get to the $24 level above. Remember, the $24 level mattered previously, as it was a large, round, psychologically significant figure, and an area where we had seen both support and resistance in the past. Because of this, I do think that there will be a little bit of a reaction to that area, perhaps opening up the possibility of some type of ceiling in the market.

Underneath, the $22 level offers support, as we have bounced from there previously. The 61.8% Fibonacci level is in the same neighborhood as well, so that typically means that there will be enough confluence for people to pay close attention. The silver market is highly technical under most circumstances, so it would not surprise me at all to see that type of reaction.

If we were to turn around and break down below the $22 level, that would of course be very negative, but I just don’t see that happening in this environment. However, if that does end up being the case, I would anticipate that silver could drop all the way down to the $20 level rather quickly. More likely than not, we try to get to that $24 level and if we can break above there then it’s likely that silver will try to go reaching the $25 level above, an area that I think is psychologically and structurally important.

It was previous support when we were consolidating at the highs, so I think ultimately you have to look at this as a potential target that traders will be trying to recapture after all of this momentum. The silver market of course has a negative correlation to the US dollar most of the time, but is not written in stone. By keeping an eye on the US Dollar, you can get a general gauge as to whether or not the currency headwinds will cause issues. At this point, I don’t think it’s going to as silver looks like it’s recovering quite nicely.

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