Silver Price Forecast – Silver Tries to Bounce From Support

Silver Price Forecast Video for 17.08.23

Silver Markets Technical Analysis

Silver continues to be noisy, but it does look as if we are finding some type of support near the $22.50 level. With that being the case, a bounce could be coming, but I also recognize that there is a lot of noise just above. Because of this, we need to keep a close eye on any type of impulsive candlestick to the upside, as it could kick off the recovery that a lot of traders are looking for. After all, we are at the bottom of a large consolidation area, that runs from $22.50 up to the $25.25 level. All things being equal, it does look like we are trying to turn things around, so therefore I think I will be more likely to go long than anything else at this point.

On the other hand, if we were to turn on a breakdown below the $22 level, then the market could go down to the $20 level, which would be a complete unraveling of silver itself. That would also suggest that we would have a massive amount of strength in the US dollar. The market will of course keep an eye on the greenback, as the negative correlation between the 2 has a major influence.

In general, I think this is a situation where you have the market showing a lot of volatility, so you need to be cautious about your position sizing, recognizing that the market can be very noisy, and therefore it does make a lot of sense that you would see the violent moves continue. That being said, it is the height of summer vacation season, so therefore it makes a certain amount of sense that we would see market participants jump into the markets a little later this month, so it may be a bit quiet, at least the next couple of days. Nonetheless, I will be watching the $22 level very closely, as it is so important from a technical analysis standpoint and of course from a historical one as well. On the upside, the 200-Day EMA would be a huge barrier to overcome, right along with the noise that we have seen just below there over the last week or so.

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