Silver Price Forecast – Silver Continues to See Buyers on Dips

Silver Price Forecast Video for 27.04.23

Silver Markets Technical Analysis

Silver has found a little bit of bullish pressure during the trading session on Wednesday as we continue to consolidate near the $25 region. It’s probably worth noting that we are forming a bit of a bullish flag as well, so a technical chartists will look at this through the prism of a potential massive breakout. I do think that even if that is the case, we probably need to put in a bit of work in order to build up the necessary momentum.

Quite frankly, the world seems to be teetering on edge with something kind of ugly financially, and silver could be a way that people are looking to protect wealth. However, it’s probably worth noting that silver is also an industrial metal, so it does not help the idea of the market going higher, as demand is almost certainly dropping. Because of this, I think you have a bit of a “push/pull” type of environment in the short term.

Underneath, the 50-Day EMA is racing toward the $24 level, an area that I pay close attention to due to the fact that it had previously been the epicenter of a massive consolidation area during this past winter. I think that if we pull back to that area, there will probably be plenty of traders willing to get involved in the market for that type of debt. In fact, it’s not until we break down below the $23 level that I can take a breakdown very seriously. In that scenario, I think that silver could really start to collapse, but it would probably be accompanied by some type of spike in the value of the US dollar.

If we break above the recent high, the market could look to the $27 level, perhaps even the $30 level, on a longer-term trade. Anything above $30 opens up a path toward the $50 level; something silver has attempted several times in the last several decades. We could be seeing something like that trying to form, but we need some type of catalyst, perhaps some type of financial crisis kicking off, which is not much of a stretch of the imagination at this point.

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