Silver Price Forecast – Silver Reaches the Top of Its Range

Silver Price Forecast Video for 03.02.23

Silver Markets Technical Analysis

Silver has rallied rather significantly during the trading session on Thursday, to reach the $24.50 level. This is the top of the range that we have been in, so it does make a certain amount of sense that we would see a bit of hesitation. Whether or not we break down from here might be a completely different situation, but right now it appears that we will probably run into a bit of selling pressure.

That being said, I wouldn’t be overly concerned about this market, due to the fact that there has been so much in the way of buying pressure. If we can break above the top of this range, then obviously changes some things, but even if that were to happen, you have to worry about the $25 level above, which could cause a little bit of resistance as well.

Looking at this chart, there should be a significant amount of interest near the $24 level, as it has been “fair value” for a while. In other words, a lot of people should be interested in that area in both directions. Because of this, I think you get a situation where you would have a lot of noise, but if we do break out, that $25 level will be difficult to get beyond. If we were to get beyond that, it could really kick off a huge move, but the reality is that it’s going to take a Herculean effort to make that happen. More likely than not, we pull back, even if it is just for a short amount of time.

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