Silver Price Forecast – Silver Gets Hammered

Silver Price Forecast Video for 21.06.23

Silver Markets Technical Analysis

Silver fell rather hard during the trading session on Tuesday as the market looks like it is looking at the 200-Day EMA underneath. Beyond the 200-Day EMA, we also have the 50% Fibonacci level and an area where we have previously seen a lot of support. With that being the case, I think we have got to look at this through the prism of perhaps value hunting, as traders will also pay close attention to the 200-Day EMA, as it is so widely followed. At this point, the market is likely to continue to see a lot of back-and-forth trading, and therefore I think we’ve got a situation where the dips continue to offer potential value.

That being said, if the market broke down below the $23 level, then it is likely that we could go down to the 61.8% Fibonacci retracement level, which is closer to the $22.25 level. Anything below there opens up the possibility of a move down to the $22 level. Anything underneath opens up an even deeper correction down to the $20 level.

However, the market will be a situation where it could be very noisy, but when you look at the history of this market, it does suggest that there will be a lot of buyers in this area. However, it would be best if you also kept in mind that the volatility in this market does tend to be extraordinarily wild at times. Therefore, you need to pay attention to your position sizing. Getting overly exposed to this market is dangerous, but if we were to turn around and break above the $24.50 level, we could move toward the $25 level above.

The $25 level was previously supported and, therefore, will have a certain amount of “market memory” coming into the picture. Which, of course, is going to attract a lot of traders in general. All things being equal, pay attention to the US Dollar Index and whether or not traders are starting to use precious metals for wealth preservation again. Ultimately, I am bullish, but I also recognize that you need to be conscious over the next couple of days.

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