Silver Price Forecast – Silver Markets Have Extended Into Resistance
Silver Price Forecast Video for 27.03.23
Silver Markets Technical Analysis
Silver has rallied a bit during the trading session on Friday, as we continue to see a lot of noisy behavior. That being said, the market has been bullish for some time and therefore it makes sense that we would see a little hesitation as we get overbought. At this point, we are testing the major selloff that we had seen from a couple of weeks ago, so at this point there would probably be a lot of profit-taking. On the other hand, if we can continue to go higher, then we could go looking to the $24.65 level, where we had peaked previously.
Looking at this chart, you can see that we had rallied quite drastically from the 61.8% Fibonacci level, and therefore one would have to assume that sooner or later we are going to run out of momentum. A pullback at this point in time could see the silver market go looking toward the 50-Day EMA, which is sitting just above the $22.10 area. At this point, the market would more likely than not have pullback enough to get those who are bullish on silver to come back into the market and take advantage of it. On the other hand, if we were to break down below the 200-Day EMA, which is just below the $22 level, then the market could really start to unwind.
Interest rates and the US dollar have a significant influence on silver, so you need to keep an eye on all of that. However, one thing that silver has to worry about that its cousin gold does not have to worry about is going to be whether or not there is going to be any significant amount of industrial demand as so many uses for silver are found through commerce.
I think the only thing that you can count on right now is a lot of noisy and choppy behavior, and therefore it’s possible that we could see quite a bit of danger. Keep your position size reasonable, and therefore it’s likely that we could see a lot of trouble and therefore danger. Protecting your account will be crucial at this point.
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