Silver Price Forecast – Silver Continues to Trade in the Same Range
Silver Price Forecast Video for 26.01.23
Silver Markets Technical Analysis
Silver has found itself to be a little bit negative during the trading session on Wednesday, as we continue to trade in the same range that we have been in for several weeks. This is not a huge surprise, because quite frankly there’s no real traction anywhere when I look across my trading platform. It seems as if we are just doing everything we can to chop up trading accounts right now, so if you are range bound trader, this is your game.
It currently looks as if the $23 level is the bottom of this overall range, with a bit of support at the $23.50 level as well. The $24 level has been a bit of a magnet for price, essentially being “fair value.” On the upside, it looks like the $24.50 level is going to be significant resistance, and therefore you have to look at it through that prism. Breaking above that area then brings the $25 level into focus, which is obviously a large, round, psychologically significant number, and I suspect would attract a lot of headline attention.
Regardless, it’s worth noting that the massive selloff that occurred on Monday was repudiated right at the bottom of this range, and of course the 50-Day EMA. This tells me that there are most certainly a lot of buyers underneath, and it does make sense that we will continue to see this market behave in this manner. However, if we were to break down below that candlestick on Monday, it opens up the possibility of a drop down to the 200-Day EMA, which is currently sitting just below the crucial $22 level.
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