Silver Price Forecast – Silver Takes Out the 50-Day EMA
Silver Price Forecast Video for 25.09.23
Silver Markets Technical Analysis
Silver rallied significantly during the trading session on Friday, breaking above the 50-Day EMA. By breaking above the 50-Day EMA, it shows that the market is going to continue to show signs of strength, and it could go much higher. The $24 level of course is a psychologically important level, but if we can get above there, then it’s possible that the market is ready to go to the $25.50 level. Underneath, there is plenty of support, especially near the 200-Day EMA, which is close to the $23.25 region.
Looking at this chart, I do think that there is plenty of support underneath, but I also recognize that silver has a lot to deal with in the realm of interest rate problems. After all, the Federal Reserve is likely to continue staying rather tight, and that does put a little bit of pressure on precious metals overall. With that being said, the market is likely to continue to see a lot of volatility, but I like the idea of buying short-term dips, but I would not be one to hang on to silver for far too long. After all, the market is likely to continue to see a lot of volatility, therefore I think you have got a situation where you need to be cautious with your position sizing, and of course you will have to be nimble.
All things being equal, this is a situation where I think there is quite a bit of support underneath that will continue to get into the marketplace. After all, we have seen a lot of noise right around the 200-Day EMA, and we are still technically in the bottom half of the overall consolidation region. However, silver also has a lot of other effects on the market that you pay attention to such as industrial demand as it is not only a precious metal, but an industrial one as well. Alternatively, I think that we will start to see commodities take off due to inflation more than anything else, but silver is a wild beast, so you need to be cautious with your position size more than anything else and you have to recognize when the market is moving against you rather quickly in order to get out.
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