Silver Price Forecast – Silver Peaks Above $24 Again

Christopher Lewis
Published: Jan 12, 2023, 15:52 UTC

The silver market has rallied rather significantly during the trading session on Thursday to break above the $24 level on point, showing signs of strength yet again.

Silver, FX Empire

In this article:

Silver Price Forecast Video for 13.01.23

Silver Markets Technical Analysis

Silver has rallied significantly during the trading session on Thursday, as the CPI number came out right as expected. At this point, traders are starting to try to price in the idea of the Federal Reserve raising interest rates by just 25 basis points next month, so therefore metals took off. Ultimately, this is a market that continues to be very noisy but I also recognize that we are in the midst of a major consolidation area. Because of this, I think we get a back-and-forth market just waiting to happen so if you are a range bound trader, silver might be for you.

Regardless, when you look at the longer term it’s obviously been a very bullish market, and that could be the case going forward from here as well. I certainly don’t have any interest in shorting this market, it is far too well supported. If we do break down from here, somewhere around the $23 level I would expect to see support come back in due to the previous action, and of course the 50-Day EMA is sitting right there as well.

Because of this, I think you get a situation where the market offers plenty of buy on the dip opportunities, and I plan on taking advantage of them. I have no interest in selling anytime soon, but recognize that the market might be simply trying to work off some of the excess froth that we had seen previously. On the upside, the $25 level will be very difficult to break above, but if and when we do, that would be a huge sign of bullishness.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?