Silver Price Forecast – Silver Rallies After Jobs Number

Silver Price Forecast Video for 04.09.23

Silver Markets Technical Analysis

Silver has rallied during the trading session on Friday, slamming into the $25 region yet again. Keep in mind that this is a large, round, psychologically significant figure, and therefore a lot of people will be paying close attention to it. That being said, the market breaking above the $25 level opens up the possibility of challenging the $25.40 level. If we can break above there, then the $26.50 level could be targeted. Keep in mind that silver is a little overextended at the moment, and therefore you do have to be somewhat cautious with the jumping into this market. However, it’s obvious that we have so much upward momentum that it is probably only a matter of time before we take off.

If we do pull back from the area right now, the $24 level will be particularly interesting, not only due to the fact that it’s been important previously, but we also have the 50-Week EMA hanging around in that same area. In other words, I think you have a great potential for value hunters to come back into the market if in fact they get that opportunity.

Pay special attention to the shooting star on Wednesday, because if we can break above there, then I think it’s likely we go much higher. Having said that, it also shows just how much resistance there is just above, so you need to be cautious jumping in right here. Let the rest of the market take that risk, and just join if they can break through the barrier.

Keep in mind that Monday is Labor Day in the United States so that will have a massive influence on many of the markets that influence over, not just the silver futures market. The bond market, which can have a major influence on what happens with silver and precious metals in general, will of course be closed most of the day as well. Because of this, I think we’ve got a situation where you have to be very cautious but also recognize that the longer term momentum could very well pick up over the next couple of days, but it won’t be on Monday more likely than not.

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