Silver Price Forecast – Silver Continues to See Buyers on Dips

Silver Price Forecast Video for 18.12.23

Silver Markets Technical Analysis

Silver fell a bit during the trading session on Friday, only to turn around and bounce from the $24 level. The $24 level is a large, round, psychologically significant figure, and an area previously that had been significant resistance. All things being equal, I think this is a market that will continue to be very noisy, especially as we are seeing wild swings in yields when it comes to bonds, because the idea now is that the interest rates will continue to make precious metals much more attractive. We have seen both gold and silver take off, and I don’t see this changing anytime soon.

However, it’s worth noting that the market did get a little overextended over the last couple of days so it would make quite a bit of sense to see more hesitation in this area. I believe that the $24 level will be crucial, as there is so much attention paid to it, and in the short term, I think that is a bit of a floor in the market as we are just trying to grind it back and forth and work off some of the froth.

If we can break above the $24.33 level, then I think that silver continues to rally, perhaps reaching the $24.50 level, maybe even the $25 level after that. Alternatively, if we were to break down below the $24 level on a daily close, then I think somewhere near the $23.75 level could offer a certain amount of support, followed by the 50-Day EMA, which is currently right around $23.50 below.

Keep in mind that silver is extraordinarily volatile, and therefore you need to be cautious in this market, as silver has caused more than one account to implode. That being said, it certainly is not a market that I would be a seller of, and at this point I think the only thing you can do is be a buyer, as selling in this market is obviously much more difficult with this type of momentum. Granted, we may pull back, but more likely than not, it will only become a nice buying opportunity for those who are patient enough to take advantage of it.

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