Silver Price Forecast – Silver Hangs Around the 200-Day EMA

Silver Price Forecast Video for 14.02.23

Silver Markets Technical Analysis

Silver has gone back and forth during the course of the trading session on Monday, as we continue to hang around the 200-Day EMA. The 200-Day EMA is sitting right in the middle of a huge gap that we had kicked off at the end of last year, and then of course we have the $22 level which is a large, round, psychologically significant figure. That being said, the question now is whether or not we are going to find support in this area. If we do break down below the bottom of the gap, then that could open up massive selling in the silver market.

Looking at this chart, if we were to break above the top of the candlestick from the Thursday session, then it’s likely that we could go to the 50-Day EMA, perhaps possibly the $24 level after that. Nonetheless, we would need to see the US dollar and how it behaves, because if it starts to lose value, that could help silver gain. On the other hand, the US dollar starts to take off in value, then it’s likely that we could see silver lose ground.

The attitude of the market has been one of fear recently, so therefore it’s likely that we could see continued selling pressure. However, silver is a very volatile market, so things change rather rapidly. In that scenario, we could see a massive shot higher. This is probably all about the US dollar, and how it is going to continue to behave over the next several days. That negative correlation should continue to be a major factor, so keep that in mind.

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