Silver Price Forecast – Silver Takes Off

Silver Price Forecast Video for 18.09.23

Silver Markets Technical Analysis

The silver has rallied significantly during the trading session on Friday, as it reached the 200-Day EMA. At this point, we will have to make some type of decision as to where we’re going next. If we can continue this rally, the market could then go look into the $25 level given enough time. All things being equal, this is a situation where silver had reached the bottom of a large consolidation area, near the $22.50 level, only to turn around and bounce yet again. If the market stays in the same range it has been in since May, then it makes a lot of sense that we would rally from here.

It’s worth noting that the negative correlation between the US dollar and silver has decoupled, at least temporarily, and therefore you cannot look to the currency markets were too much in the way of help at the moment. I think a lot of this comes down to the idea that it sold off so quickly, and that there are value hunters out there willing to get involved. Furthermore, there is the precious metals aspect of silver, and I think people are trying to protect wealth as they see that silver had pulled back a bit. Finally, I also think that it comes down to the idea that inflation could continue to rip higher, and therefore people are trying to protect that very same wealth. The size of the candlestick is rather impressive, and it’s probably worth noting that we formed a massive hammer during the previous session.

In general, this is a situation where I think the market has a lot of volatility ahead of it, but ultimately it would not surprise me at all to see silver go higher, but it may take several weeks to get back to the top of the range of we do in fact see bullish pressure to make that happen. On the other hand, if we were to break down below the lows of the Friday session, we could drop down to the $22 level, possibly even down to the $20 level underneath, so that’s a big move worth watching the potential set up present itself if it does in fact happen.

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