Silver Price Forecast – Silver Continues to Plunge

Silver Price Forecast Video for 16.02.23

Silver Markets Technical Analysis

The silver market has fallen rather hard during the trading session on Wednesday, as we are now threatening the $21.50 level. At this point, the market is likely to continue to see a lot of US dollar strength. Furthermore, there is a lot of concern out there as to whether or not the industrial demand will be strong enough to justify higher pricing. At this point, I think the $21 level makes a lot of sense and will probably put up a bit of a fight.

On the other hand, I would point out that if we break down below there it could open up and move down to the $20 level. This would signify even more US dollar strength in general, so I think at this point the market is likely to see a lot of that influence in this market.

However, if we were to turn around and break above the 200-Day EMA and the $22 level, it’s likely that we can look into the 50-Day EMA. The 50-Day EMA sits just below the $23 level, and that should offer quite a bit of resistance. If we see the US dollar fall, and the sudden “risk on” attitude around the world, that could be reason enough to send silver higher. Nonetheless, we are in an area that is about half of the pullback as of late, but we have broken through a gap that formed previously. That is not a good look, and that typically means that we are going to continue seeing selling pressure. With this being the case, I think it’s likely that we may see silver lose some of its luster. This recent selloff has been rather negative, as we had a massive impulsive candlestick from 2 weeks ago.

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