Silver Price Forecast – Silver Gives Up Early Gain

Silver Price Forecast Video for 25.01.23

Silver Markets Technical Analysis

Silver has initially tried to rally during the trading session on Tuesday but gave back gains to show signs of hesitation again. The $24 level above seems to be offering a bit of resistance, and now it looks as if we are going to continue to threaten the very lowest of the consolidation area, perhaps even going down to the $23 level. After all, that’s where we bounce from during the previous session, and of course we have the 50-Day EMA sitting right there as well.

If we turn around and break down below the 50-Day EMA, it opens up the possibility of a move down to the $22 level. The $22 level also is an area that’s important, as we had a major gap there, and then also have had the 200-Day EMA approach that level as well, and that obviously will attract a lot of attention. This could be the “floor the market” right now, because if we were to break down below there, then it’s possible that we could go to the $21 level, maybe even the $20 level after that.

The US dollar is making a little bit of a comeback, so that does work against the value of silver, but at the end of the day there’s also the wealth preservation aspect of precious metals, and I think that will continue to be a major influence as well. On the upside, the $25 level looks very daunting to get above, so will have to keep an eye on that. With that being the case, I do prefer buying on dips, but I also recognize that there is a lot of noise that we will have to deal with.

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