Silver Price Forecast – Silver Markets Continue to Look Threatened

Silver Price Forecast Video for 17.02.23

Silver Markets Technical Analysis

Silver continues to be a bit soft, looking very much like a market that doesn’t have enough buying pressure to lift it quite yet. Whether or not that continues to be the case is a completely different question, but at this point I think it’s likely that we will continue to see a lot of noisy behavior, with that being the case, I think you need to be cautious with your position size, but I could probably make that argument with silver in general. With this being the case, I think we’ve got a lot of noise out there just waiting to come into the picture, so while I do think that eventually we should get a bounce, the market may very well have to go looking toward the $21 level.

If we break down below the $21 level, then it’s very likely that we could see this market fall rather drastically, perhaps down to the $20 level. In that area, I would anticipate that we would see a lot of interest in this market, perhaps opening up the possibility of a much bigger move, because it is such a huge area of interest. That being said, if we turn around and take out the 200-Day EMA near the $22 level, then it opens up the possibility of a move to the 50-Day EMA, which sits right around the $22.77 level. Breaking above that then opens up a huge move higher.

Either way, be very cautious with your position size, because under the best of circumstances silver is extraordinarily volatile. I don’t expect that this will be any different, so caution is the better part of valor.

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