Silver Price Forecast – Silver Gives Up Early Gain
Silver Price Forecast Video for 10.01.23
Silver Markets Technical Analysis
Silver initially shot higher during the trading session on Monday but gave up gain above the $24 level. At this point, the market looks as if it is ready to continue consolidating, something that would not be a huge surprise considering just how noisy things had been recently. The market continues to be difficult to trade due to the fact that there have been so many questions asked about the global growth situation. Remember, silver is not only a precious metal, but it is also an industrial one as well.
At this point, the market sees a lot of resistance above, especially the closer we get to the $25 level. The $25 level is an area where we have seen a lot of selling pressure in the past, and of course is a psychologically important round figure as well. Underneath, the $23 level underneath should be supported, with a 50-Day EMA racing toward it. Because of this, I think we are more likely than not going to see a little bit of a pullback, and it could offer an opportunity to buy silver “on the cheap” lower.
For those of you who are more short-term incline, this might be a decent market to trade a range bound system, but I’d be cautious about the position sizing, because quite frankly silver does tend to just take off in one direction or another rather rapidly. Ultimately, this is a market that I think you need to look at through the prism of range bound trading, but also recognize that it has been extraordinarily bullish until the last week or so. With this, longer-term traders are probably looking at a dip to start buying again.
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