Silver Price Forecast – Silver Has Gone Back and Forth Yet Again

Silver Price Forecast Video for 13.02.23

Silver Markets Technical Analysis

Silver markets have gone back and forth during the trading session on Friday, as we continue to see a lot of noisy behavior. Alternatively, I think this is a situation where you have to look at it through the prism of whether or not silver is going to be able to hang on to the trend, because the 200-Day EMA can quite often determine that trend.

If we break down below the lows of the trading session on Thursday, then it’s possible that we could trip down to the $21 level. That’s the next major, round, psychologically significant figure, and an area that also has seen a bit of action in the past. If we can stay above there, then there is a chance that we could bounce, but ultimately, I do think that this is going to come down to the US dollar. The US dollar being very strong of course works against the value of silver, so you need to look at it with a bit of suspicion. After all, the US dollar has picked up a little bit of momentum, and I think it’s probably only a matter of time before we see that effect come into play.

If we do rally from here, then the 50-Day EMA sits right around the $23 level, and that could be your first major barrier. A break above there then opens up the possibility of an attract to the $24 level. Silver is also an industrial metal, so you need to keep that in mind as well. With this, expect a lot of volatility.

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