Silver Price Forecast – Silver Finding a Bottom?

Silver Price Forecast Video for 19-01-2024

Silver Markets Technical Analysis

Silver has recovered a little bit during the early hours here on Thursday from an extreme sold off condition, so that should not be much of a surprise. After all, we can only go lower for so long. Ultimately, I think this is a scenario where you have to look at this through the prism of a bigger range.

$22.50 should be the beginning of support down to the $22 level. If we can break higher, then the 200 day EMA comes into the picture, and then after that, you could be looking at 24.50 as a major resistance barrier. And then after that, $26. Do we get to $26? I don’t know, but I certainly think that would be the goal of the bulls. Whether or not they can get there remains to be seen but it certainly looks like a target.

Keep in mind that interest rates will have a major influence on silver, and if interest rates start to drop, that should help silver. You could say the same thing about the US dollar as well, but silver is also an industrial metal. So, I think there’s a chance that we look at the overall economy and question whether or not we have demand that might be one of the things that’s been working against silver.

Either way, we’re at the bottom of a longer-term range, and I think that’s something that you cannot ignore. There does seem to be that buffer between $22.50 and $22, and it does seem to be holding. At this point, I begin to question whether or not the range for the entire year won’t be between $22 and $26, because it has been a couple of other times in the past as well. It seems to be a very comfortable range for the metal and markets do tend to settle into ranges over the longer term. So I think we’re in the midst of carving this out, but it certainly looks right now that there are plenty of value hunters out there willing to get involved in the silver market.

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