Silver Price Forecast – Silver Gives Up Early Gains

Silver Price Forecast Video for 23.01.23

Silver Markets Technical Analysis

Silver initially tried to rally during the trading session on Friday but gave up gains rather quickly as we have seen a lot of noise just above. At this point, the $24.50 level looks to be rather difficult to overcome, as it is the top of the overall consolidation area. If we can break above there, then the market is likely to go looking to the $25 level, an area that has been difficult to deal with for quite some time. Alternatively, I like the idea of finding value every time we did.

On the other hand, the $23.50 level is an area that’s been important multiple times in the past, so I think it’s probably worth paying close attention to that as well. The market will respect that, but if we don’t for some reason, then it’s likely that the market drops down to the $23 level, and then by extension the 50-Day EMA. The 50-Day EMA is a widely followed technical indicator, so I think it does make a certain amount of sense that we would see this market will look at the area below as value.

Keep in mind that we had shot straight up in the air for quite some time, so the fact that we have gone back and forth in the rectangle that I have marked on the chart is not a huge surprise. I think that probably continues to be the way forward, so ultimately, I think it’s healthy for the buyers. Nonetheless, the $25 level above is heavily defended, and the area between there and the $26 level is going to be very noisy and difficult as we have seen in the past.

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