Silver Price Forecast – Silver Pulls Back Slightly

Silver Price Forecast Video for 25.08.23

Silver Markets Technical Analysis

Silver has pulled back a bit during the trading session on Thursday, as it looks like a little bit of profit-taking is starting to happen. This does make a certain amount of sense considering that the Jackson Hole Symposium is going to have a slew of speeches on Friday they can have a major influence on what happens next. After all, Jerome how has the ability to kill this market if he gets too hawkish. I think that is a very real possibility, and the fact that we are near the top of the overall range of the longer-term consolidation suggests that a pullback does make a certain amount of sense.

Ultimately, I think the 50 day EMA underneath could also come into the picture, offering a bit of support, allowing the market to get a little bit of a breather, and by extension allowing the market to reset itself. If we were to break down below the 50-Day EMA, then it’s very possible that the market could find itself breaking down toward the 200-Day EMA, which obviously is a major technical indicator that a lot of people will pay close attention to. If we were to break down below there, then things could unravel all the way back down toward the $22 level. While I don’t necessarily expect that to happen, it is something that you need to keep in the back of your mind.

Furthermore, you also need to keep in mind that the market is negatively correlated with the US dollar, so that could come into play as well. With Jerome Powell speaking, one would have to think that the US dollar is going to be very noisy over the next 24 hours, so if you are already involved in this trade, you are probably taking profits. If you are not involved in the silver market, you are probably going to be wise to wait until Monday to make a move, as the markets in general certainly are going to be very noisy, and therefore could be very dangerous if you are not careful. Silver of course is always quite a bit more volatile than the rest of them.

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