Silver Price Forecast – Silver Continues to Try to Reach Higher

Christopher Lewis
Published: Jun 9, 2023, 15:38 GMT+00:00

Silver has started to go back and forth and reach to the upside, but we may be a little exhausted in the short term.

Silver, FX Empire

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Silver Price Forecast Video for 12.06.23

Silver Markets Technical Analysis

Silver has rallied just a bit during the trading session on Friday, but seems to be running out of steam just a bit. Alternatively, this is a market that seems to be breaking out of a consolidation phase, and now at this point in time I like the idea of buying short-term dips. That being said, the market is very likely to be noisy, but that’s typical for silver. The massive candlestick from the Thursday session shows that there’s a lot of interest in this market, and now that we have the 50-Day EMA underneath offering potential support.

If we bounce from that 50-Day EMA, or perhaps break above the top of the candlestick for the trading session on Friday, I think it’s probably only a matter of time before we go looking to the $25 level above. The $25 level above is a large, round, psychologically significant figure, and an area though we have seen a significant amount of support at previously. “Market memory” could come into play at this point, so it does make for a decent target. That does not necessarily mean that we can break through it, but if we were to do so, that would obviously be a very bullish sign, opening up the possibility of the move to the $26 level.

If we were to turn around break down below the massive candlestick of the Thursday session, then we could go looking to the 200-Day EMA, which sits right around the $23 level. $23 has been supported more than once, and therefore I think it’s likely that we continue to see that as defining the overall trend, and as long as we are above there, then it’s likely that we will continue to see plenty of buyers jumping into the market. However, if we were to break down below the 200-Day EMA, then we could go down to the $22 level, followed very quickly by the $20 level, which is a large, round, psychologically significant finger and an area where we had bounced from previously to make this entire move. I don’t necessarily think that’s going to happen, but it is something to keep in the back of your mind.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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