Silver Price Forecast – Silver Gives Up Early Gain After CPI

Silver Price Forecast Video for 13.04.23

Silver Markets Technical Analysis

Silver rallied initially during the trading session on Wednesday, as we continue to see a lot of noisy behavior. I think we also have to look at it through the prism of whether or not there’s going to be a lot of risk appetite, as silver of course is highly sensitive to that. That being said, it’s probably worth noting that the industrial demand for silver is potentially going to be a major problem. However, there’s been a major situation when it comes to risk appetite, as the global economic situation seems to be very tenuous at best.

The $25 level underneath is a large, round, psychologically significant figure, so it does make a certain amount of sense that we would see that as a potential support level, and certainly would cause a lot of trouble, but at this point I think we’ve got a situation where any pullback will more likely than not attract a lot of attention. After all, the silver market has been on fire as of late, but it is overstretched so I do like the idea of buying dips, assuming that you get an opportunity to pick up any value. After all, silver got absolutely slammed during the day, but then turned right back around to show signs of resiliency. Just above, we have the $26 level which is a major resistance barrier based upon the longer-term charts, and if we can break above there that it’s likely that the market could go much higher.

Regardless, you need to be cautious about your position sizing, as there is so much volatility in the silver market under the best of circumstances, and lately of course we have seen even more. Regardless, you can see just how bullish the market has been, so dips should be thought of as buying opportunities and shorting silver at this point in time would be very difficult to do unless something changes quite drastically when it comes to the overall attitude of global markets and how things are playing out economically.

For a look at all of today’s economic events, check out our economic calendar.