Silver Price Forecast – Silver Shows Extreme Volatility

Silver Price Forecast Video for 27.01.23

Silver Markets Technical Analysis

Silver has been all over the place on Thursday, looking for some type of traction. Ultimately, this is a situation where we have so much noise that you need to play this as a range bound market, and therefore buy or sell at the extreme edges. That being said, defining the edges has been somewhat simplistic, as we have so much in the way of buying and selling pressure on both ends.

I think at this point, it’s becoming increasingly obvious that there are 2 bottoms, with the $23.50 level being massive support, but underneath there we have even more at the $23 level. On the upside, we have a massive amount of resistance near the $24.50 level, and I suspect that there’s even more resistance at the $25 level as it is a large, round, psychologically significant figure.

Ultimately, I think given enough time we probably have to settle this, but right now it looks like the market is perfectly comfortable bouncing around this area. As I write this article, we are right in the middle of all of this noise at the $24 level. This suggests to me that the markets could very well be a lot of back and forth in the short term. Quite frankly, that’s not uncommon for Silver to behave like that anyway, so I’m looking for a little bit more in the way of clarity at this point before putting huge positions on, but as far as trading it back and forth, I think it makes a wonderful opportunity for those who are shorter-term traders and can watch their positions on a short-term chart.

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