Yahoo Finanza Silver Price Forecast – Silver Looking for Support
Silver Price Forecast Video for 10.03.23
Silver Markets Technical Analysis
Silver markets have done very little during the trading session on Thursday, as we continue to sit just above the $20 level. Ultimately, it’s worth noting that the market is more likely than not going to respect the $20 level, but whether or not it holds remains to be seen. After all, the US dollar has been on the upswing as of late, and that of course has a lot of negative connotations for commodities, especially silver which is so volatile to begin with.
It’s probably worth pointing out that the 61.8% Fibonacci level sits right at the $20 level as well, so there is yet another reason to think that it might attract a certain amount of buying pressure. Beyond that, keep in mind that commodities markets are greatly influenced by options traders, and a major strike price of course would be the $20 handle. In other words, this is an area where you would expect a lot of trouble for sellers.
The 50-Day EMA is starting to slow, and it is getting ready to cross below the 200-Day EMA, forming the so-called “death cross.” However, this is a lagging indicator, so I don’t put that much weight onto it, only just recognizing it as its an indicator that some longer term traders pay attention to. Quite frankly, this is an area where the market needs to bounce, because my experience has been that if you give up the 61.8% Fibonacci level, quite often that means that you’re going to see a pullback all the way to the beginning of the move higher.
The bearish candlestick that formed on Tuesday was rather ugly, after Jerome Powell reiterated his desire to have higher interest rates, and of course even mentioned that they may have to be increased in frequency. This caught the market off guard, and we had a major selloff in anything that was in the US dollar. Silver of course also has an industrial input as well because it is such a heavily relied upon industrial metal. If industry is starting to slow down, that almost certainly will work against the value of silver also.
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This article was originally posted on FX Empire
