Silver Price Forecast – Silver Finds Buyers on the Dip

Silver Price Forecast Video for 25.04.23

Silver Markets Technical Analysis

Silver pulled back just a bit during the trading session on Monday to show signs of negativity but has turned back around as buyers stepped in to pick up “cheap silver.” That being said, I think the market will eventually see this question answered as to whether or not we could go higher. The $26 level above would offer a bit of a resistance barrier, extending all the way to the $27 level of the longer term. It is probably worth noting that the noise has been difficult to break above previously, and we are in an area that has been a major high several times.

Ultimately, this is a situation where it looks like we are trying to build up enough pressure to finally go higher, but ultimately this is a market that has a lot of momentum behind it, but at the end of the day, we need to decide whether or not silver is going to continue to find plenty of buyers, and therefore we could get a little bit of a short-term pullback.

The $24 level underneath also has significant importance to this market, as it was the epicenter of consolidation during the winter. Furthermore, we have the 50-Day EMA racing toward that area, so I think it makes sense that we would see technical support in that area, and therefore I think that is essentially going to be your “floor in the market.” Furthermore, you also need to pay close attention to the US Dollar because it does have a negative correlation to the silver market in general but is not the “be all end all” of indications.

Furthermore, we also have to pay close attention to industrial demand, which could be taking a bit of a hit as the global economy slowing down may produce a bit of a drag on silver demand. Nonetheless, we are in an uptrend, so you still have to look at this market through that prism. Finding value is the best way in the future, as would normally happen in a very explosive move to the upside. If we can break above the $27 level, we will more likely than not go looking toward the $30 level.

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