Silver Price Forecast – Silver Shows Signs of Stability

Silver Price Forecast Video for 15.11.23

Silver Markets Technical Analysis

Silver has rallied early during the trading session on Tuesday, as it looks like the hammer from the Monday session is trying to support the market. It’s worth noting that that Hammer had found a $22 level interesting enough to keep the market somewhat floating in that area. If we were to break higher from here, the next major area will probably be somewhere near the 50-Day EMA. Ultimately, I think that is an area where we need to pay close attention, because I would anticipate that we have a huge fight on our hands in that general vicinity.

That being said, think silver has the possibility of dropping from here again, but the bottom of the hammer from the Monday session will be something worth paying attention to, because if we were to break down below there, things could get rather ugly. Pay attention to the interest rate markets in the United States, because higher interest rates typically work against silver. On the other hand, we also have a huge industrial demand situation as well, so you have to pay close attention to where the economy is going, because it will directly influence the demand for silver as it is used in so many industrial applications.

At this point, I would anticipate a lot of noisy behavior, and quite frankly if I’m looking for precious metals trade, probably going to be jumping in the gold market and not the silver market, although silver can bring in quite a bit of momentum when the conditions are right.

Expect a lot of volatility, but it does look to me like there is a lot of support underneath, and therefore I think you get a situation where you are probably going to see short-term buying on the dips, with a lot of resistance above at the 50-Day EMA to keep this in some type of consolidation area in a market that looks a bit confused, but it does also look a little oversold at the moment, perhaps kicking off some type of short-term recovery that shorter-term traders can take advantage of in this environment.

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