Silver Price Forecast – Silver Continues to Pressure the Upside

Silver Price Forecast Video for 04.04.23

Silver Markets Technical Analysis

Silver initially felt during trading on Monday, dropping quite significantly. However, we have seen the market turn right back around to show signs of life again, as we continue to drive toward the major resistance barrier above. With that being the case, it’ll be interesting to see others plays out, because quite frankly there is a lot of noise out there. Remember, silver is typically a very noisy market to begin with, so it’s a bit difficult to get comfortable in this market most of the time.

For what it is worth, the market has been straight up in the air for a couple of weeks now, and certainly is getting a bit “long in the tooth” as we have rallied so quickly. With that being the case, we now find silver testing the $24.60 level, which has been major resistance multiple times. If we were to break above that level, then obviously we could really start to take off. However, just above there we would have to deal with the psychologically important $25 level. Regardless, this is a market that tends to be very noisy, so you need to be cautious with your position sizing at this point. Quite frankly, it’s probably easier to pick up this market on some type of dip, but we have yet to see any meaningful pullback.

The $23 level underneath continues to be in an area that a lot of people will be paying attention to, so that might be a nice area to pick up silver “on the cheap.” Below there, we have the 50-Day EMA sitting right around the $22.50 level, as it is a major technical indicator, and it is starting to turn higher. Ultimately, this is a market that I think continues to look bullish, but it’s just gone too far to get overly aggressive with at the moment. After all, you do not want to chase a market that has already exploded to the upside, especially if it is typically as noisy as the silver market can be. With that, patience will probably be the biggest part of being successful trading the silver market in this type of environment.

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