Silver Price Forecast – Silver Looks Exhausted
Silver Price Forecast Video for 24.03.23
Silver Markets Technical Analysis
Silver markets are traditionally very noisy, and of course the last couple of weeks have been more of the same. The $23 level seems to be attracting a lot of attention, which makes sense as it previously had been support. The silver market will continue to be very sensitive to the US dollar, which has been on his back foot as of late. This has helped lift silver pricing, but it’s worth noting that the market seems to be getting a little overextended in general. The candlestick from the previous session was a bit of a shooting star, so it does suggest that perhaps we are going to get a bit of a pullback. Furthermore, we also have a lot of resistance just above, so I do think at the very least, the upside is probably somewhat limited.
Once you get above the $24 level, it becomes very difficult to get bullish on silver without some type of major selloff in the US dollar. After all, we have seen a lot of resistance near the $24.50 level, and then again at the $25 level. The one thing that’s worth noting about the $25 level is that it is typically thought of as a gateway to much higher prices. If the silver market was to break above there, we could see a move all the way toward the $50 level as we have a couple of times historically. Obviously, that would be a major turn of events, so it’s going to take some type of massive Herculean effort to make that happen.
More likely than not, it’s likely that we could see a bit of a pullback from this point, perhaps down to the 50-Day EMA. If the US dollar starts to strengthen again, then that could probably be the most likely of outcomes. Just below the 50-Day EMA, we have the 200-Day EMA sitting just below the $22 level. That of course is an area that will be interesting as we had seen quite a bit of price action in that same general vicinity. While I do believe in a pullback, I don’t necessarily think that we are going to see the silver market sell off drastically.
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