Silver Price Forecast – Silver Tests the 200-Day EMA

Silver Price Forecast Video for 27.06.23

Silver Markets Technical Analysis

Silver rallied a bit during the trading session on Monday to reach the 200-Day EMA, which sits right around the $23 level. If we were to break above there, then it’s likely that we could go higher, perhaps reaching the $24 level and the 50-Day EMA. All things being equal, it’s probably worth noting that the 61.8% Fibonacci level is an area where a lot of people will pay close attention to, and of course the fact that we have broken above the top of the inverted hammer from the previous session on Friday, which of course is a bullish signal in and of itself. If we can break above there, then it’s likely that we go much higher, and I do think it makes quite a bit of sense.

On the other hand, if we were to break down below the $22 level, then the market could drop all the way down to the $20 level. The $20 level is a large, round, psychologically significant figure that people will be paying close attention to, and therefore I think we’ve got a situation where we have a target if we do break down below the bottom of the support. The buyers certainly seem to be putting up a major amount of effort, and that effort, of course, gives us more of an upward bias than anything else. Yes, silver is quite a bit more volatile than gold, but you should see both metals move in the same direction.

The US dollar has a strong negative correlation with silver under most circumstances, but not always. Silver is also an industrial metal, and you can see how a sluggish global economy could cause a little bit of a drag in this market. Ultimately, this is a situation where I favor the upside, but I also recognize that we are going to have a lot of noise more than anything else. Be cautious with your position sizing, but that’s something that you can say about silver regardless of the situation as it does tend to be one of the more volatile assets you can trade.

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