Silver Price Forecast – Silver Pulls Back Into the Weekend

Silver Price Forecast Video for 24.04.23

Silver Markets Technical Analysis

Silver found itself selling off on Friday, reaching down toward the $25 level. The $25 level of course is an area that a lot of people will pay attention to because it makes for good headlines, but at the end of the day it’s also an area that’s been sliced through a couple of times already. If we break down below there, then it’s possible that we could go to the $24 level, which I think is an area that has been like a magnet for prices, as you can see by the rectangle on the chart from previous trading at the end of 2022 and early 2023.

The 50-Day EMA is currently rising toward the $24 level as well, so I think that as more credence to the idea of that area being where buyers would step back in if we do in fact get some type of selloff. Keep in mind that there are some reasons for silver to sell off beyond exhaustion, including the fact that it is an industrial metal, and a lot of traders will begin to look around the world and recognize that industrial demand might be weaker than anticipated. Unlike gold, silver is not just simply a wealth preservation vehicle, it’s also an industrial metal and therefore it has actual real-world industrial use case scenarios.

If we do rally from here, you have to look at the $26 level, as it is an area that we have seen a lot of resistance previously, and therefore if we can break above that area then we might be able to go to the $27.50 level. Anything over there opens up the possibility of a move to the $30 level. While I do think that eventually the buyers stepped back into pickup silver, the reality is that the market is a little overdone at the moment, so I think a pullback is probably the healthiest move that we could see next, as nothing goes straight up in the air forever and of course somebody somewhere has to start taking profit.

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