Silver Price Forecast – Silver Dances Around the 200-Day EMA

Silver Price Forecast Video for 23.10.23

Silver Markets Technical Analysis

Silver has been quite volatile during the Friday session, as we continue to see a lot of noise right around the 200-Day EMA. Silver has a lot of external pressures, which of course would be the US dollar and the interest rates in America on the negative side, and on the positive side, there is the idea of a safety trade and perhaps the fact that there might be more demand from an industrial side due to the resilient US economy. Whether or not that actually is enough to carry the day remains to be seen, but ultimately, I think you’ve got a situation where silver is trying to sort things out.

Keep in mind that silver plays 2^nd fiddle to gold when it comes to safety, so I think you probably have to pay more attention to the greenback and interest rates than anything else. True, there has been a little bit of a safety run toward the precious metals sector due to the trouble in the Middle East, but ultimately, silver is far too volatile to be used for that alone. Speaking of which, make sure that your position sizing is reasonable because silver is a wild market under the best of circumstances.

If we turn around and break down below the $22.75 level, then I think it’s very likely that silver continues to fall as it had been until just the last week and ½ or so. If we break above the $24 level, then it opens up a move to the $25 level in the silver market, which would be a very widely reported level and an area that would attract a lot of noise. If we break above the $25 level, then it opens up a whole new leg higher. That being said, I think it’s very difficult to have that happen easily. On the other hand, if we turn around and break down below the $22.33 level, then it opens up the floor and we should really start to fall apart at that point as there would be a lot of chasing to the downside.

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