Silver Price Forecast – Silver Continues to Reach Toward Lowe’s

Silver Price Forecast Video for 02-02-2024

Silver Markets Technical Analysis

Silver has initially tried to rally during the trading session only to give up gains. At this point, I think we continue to see silver go back and forth, with the $22 level being your major floor. This is an area that I think a lot of people will be paying attention to, so we’ll have to wait and see whether or not the $22 level holds. If it breaks down below that level, then the $21 level gets targeted. On the other hand, if the market fell and then bounced again, we could go looking to the $23.25 level, the $23.50 level, and then after that, we could get another jump all the way into the $24.50 level.

Looking at the longer-term charts, the $26 level above is the major resistance barrier and top of consolidation. On the other hand, keep in mind that Friday’s jobs number will have a major influence on bond markets, and therefore, I think it does make a certain amount of sense that silver will be a big mover as well. After all, interest rates do have a major influence on silver and of course so does the US dollar. There’s also the industrial demand question out there, as silver is using a lot of the new green technologies.

But at this point in time, it looks like we may have a little further to go to the downside before you start to have value hunters jump in. I may be one of them, but I would wait until the jobs numbers came out because quite frankly, they could just completely rattle the markets. All things being equal, I am bullish for the longer term, but I also recognize that silver is so volatile that can be very expensive to your account, which means that you need to be very cautious with jumping in with a huge position ahead of such a huge announcement. In general, I do think that eventually buyers come in based on value.

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