Yahoo Finanza Silver Price Forecast – Silver Continues to Look for Its Footing
Silver Price Forecast Video for 06.03.23
Silver Markets Technical Analysis
Silver has rallied initially during the trading session on Friday but gave back gains rather quickly as we continue to see a lot of hesitation. We are currently near the 50% Fibonacci level from the move higher, and I think that will attract a lot of attention. Furthermore, we have formed a bit of a hammer on the weekly chart, so it also suggests that there might be buyers underneath. In this environment, a break above the shooting star from the Wednesday session opens up a move higher, perhaps trying to reach the 200-Day EMA. The 200-Day EMA sits just below the $22 level, so I think a lot of that ties in for a nice short term opportunity if we do in fact pop higher.
On the other hand, if we were to break down below the Tuesday candlestick then opens up a move down to the $20 level. The $20 level courses a large, round, psychologically significant figure that will attract a lot of headlines. Anything below there will more likely than not send silver much lower, perhaps causing quite a bit of problems for the market. You have to keep in mind that the silver market is extraordinarily volatile, so you will need to be cautious with your position size overall.
Interest rate markets have an influence on the market, and if interest rates start to spike again, a lot of times that will drive the value of the US dollar higher, which is also another factor in the pricing of silver. In other words, a stronger US dollar typically means that less of them are necessary to buy an ounce of silver, and of course vice versa. Look at this chart, it seems as if we are at a major inflection point, so we most certainly have to pay attention to the next impulsive candlestick. If we were to break above the $22 level, then it’s possible that we could go looking to the $23.50 level, but we need to pay close attention to not only this silver chart, but the gold chart because the 2 tend to follow each other, and it could give you a little bit of a heads up as to where we are going in both markets.
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This article was originally posted on FX Empire
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