Silver Price Forecast – Silver Continues to Search For Buyers

Silver Price Forecast Video for 09-01-2024

Silver Markets Technical Analysis

Silver fell during the trading session on Monday as we continue to see a lot of volatility. The area right around the $23 level continues to be supported. And if we do break down below here, it’s likely that we could go down to the $22 level.

It’s also worth noting that the 200 day EMA above has shown a significant amount of resistance. And if we can turn around and break above there, then we could go look at the 50 day EMA. Keep in mind that silver has been in a major consolidation area for quite some time but has a lot of concerns out there when it comes to industrial demand. After all, industrial demand of course is a situation where if the economy is slowing down, then obviously we’ll need less silver. Silver is also highly sensitive to interest rates, especially the 10-year yield.

So, if rates start to rise again, that will more likely than not work against the value of silver and precious metals in general. At this point, we are closer to the bottom of the range than the top. So I do think that you’re looking for some type of supportive action or bounce to take advantage of. But right now, I think you’re probably more or less on the sidelines waiting to see if it happens before you put money to work. Remember, silver becomes very volatile at times and therefore it can be a very dangerous market. This is especially true when there’s a lot of uncertainty out there like we have right now.

And of course, the early part of the year also features a lot of traders trying to build positions for the year, hopefully establishing some type of trend. Longer term, I believe that this market stays in its overall range, but right now, it looks like $22 is a short-term floor. If we can break above the 200-day EMA, then we can make an argument to go looking towards the $24.50 level, possibly even $26 over the longer term.

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