Silver Price Forecast – Silver Rallies to Reach the Top of a Bullish Flag

Silver Price Forecast Video for 03.11.23

Silver Markets Technical Analysis

Silver has rallied a bit during the trading session on Thursday, as we are reaching the 200-Day EMA, and then of course the top of the bullish flag. The bullish flag is a technical signal that a lot of people will be paying attention to, and there are plenty of people out there who are aware of this. If we were to break higher, perhaps after the jobs number on Friday, then it’s likely that the market will go looking to the $24 level. If we were to break above the $24 level, then it’s possible that the market goes looking to the $25.33 level.

Short-term pullbacks at this point in time will more likely than not see the 50-Day EMA as important, and then after that we have the Wednesday candlestick, which the bottom-up should be massive support. Breaking down below that would of course be very negative, but right now I think what we’ve got is a situation where the market is likely to continue to see a lot of volatility as we head into the jobs report on Friday, and of course we have to pay close attention to the bond markets as higher interest rates can often work against silver, but it also has a little bit of the safety aspect that a lot of people are paying attention to.

Ultimately, this is a market that I think will make a bigger move, but right now we are simply chopping around, trying to determine whether or not we have the momentum to go and take out the top or bottom of this flag. As soon as we do, then the market will certainly have some directionality attached to it, but right now you would have to assume that the buyers are more likely than not going to be in control. This is because even though we have had higher interest rates, silver still has shined quite nicely over the last several weeks. With this, I am a buyer of dips until told otherwise, which would be a break of the $22.50 level to the downside.

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