Silver Weekly Price Forecast – Silver Markets Continue to Find Buyers on Dips

Silver Price Forecast Video for 16.01.23

Silver Weekly Technical Analysis

Silver has fallen during the course of the week to kick things off, but then turned around to show signs of life yet again. After all, the market has been very bullish for a while so this should not be a huge surprise, but you should also keep in mind that the market has been very choppy as of late, so it’s difficult to take longer-term positions on at this point. That’s not to say that you can’t, it’s just that we will continue to struggle in general.

At this point, the $23 level looks to be massive support, so every time you make a move towards that area, I would anticipate the buyers are willing to jump in. If we were to give up the $23 level, it would be quite negative, perhaps opening up a move to the $22 level. On the other hand, if we turn around and take off to the upside the first target will be the $25 level, but you have seen just how resistive that area has been.

This is a market that continues to be very noisy, but it seems as if we are doing everything we can to push silver through that level. Above there, I would anticipate a lot of selling pressure as well, so I think we are more likely than not going to continue seeing choppiness more than anything else.

Keep your position size reasonable, because the silver markets do tend to be very noisy, and as a result you can lose money very quickly if you’re on the wrong side of the trade and over levered. With that in mind, I do believe the dips are still offering shorter-term buying opportunities.

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