Silver Price Forecast – Silver Continues to Plunge

Silver Price Forecast Video for 03.10.23

Silver Markets Technical Analysis

Silver fell rather significantly during the trading session on Monday, kicking off the week with a lot of selling pressure. All things being equal, rallies at this point will continue to be sold into, especially with the massive amount of market memory that would be attached to the $22.50 level. That’s an area that had previously been supported, so therefore it makes sense that it would be resistance. Furthermore, the size of the candlestick is a significant sign that we are going to have a lot of negativity. Alternatively, this is a situation where the market should be sold into any time we rally at the first signs of exhaustion.

Keep in mind that the silver market is highly sensitive to interest rates and of course the US dollar, so with that being the case it’s very interesting that the market has been choppy for some time, but decidedly negative. At this point, the market looks as if it is going to reach down toward the $20 level, which is a large, round, psychologically significant figure, and of course the market will pay close attention to it not only due to that, but the fact that there are probably massive amounts of options down there waiting to jump into the market and show signs of life. Ultimately, the market is likely to continue to see a lot of volatility, but at this point I think it’s pretty obvious that the silver market is in a lot of trouble.

The market would have to break above the $23 level for me to get bullish, and even then, it would be a little bit cloudier due to the fact that there are so many cross currents in the fundamental part of this equation. Regardless, I think this is a situation that continues to be a “fade the rally” type of market due to the fact that the interest rates in the United States continue to climb, and of course the US dollar does the same. Ultimately, this is a market that I think continues to struggle on the margin, as there are far too many issues to belief that a lot of risk appetite is going to be found.

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