Silver Price Forecast – Silver Hanging On By its Fingernails

Silver Price Forecast Video for 15.02.23

Silver Markets Technical Analysis

Silver has fallen rather significantly during the trading session, only to turn around and show signs of life. By doing so, the market looks as if it is going to continue to see a lot of noisy behavior, and therefore if we do rally from here, it would not surprise me. However, I can just say the same thing about a breakdown below the bottom of the candlestick.

If we do rally from here, then I think the $22 level could be an area that causes some noise, but then you have to deal with the $22.50 level which shows a bit of resistance at this point. Breaking above that then opens up the possibility of a move to the 50-Day EMA. Conversely, if the market was to break down below the candlestick for the trading session on Tuesday, then we could see silver drop quite a bit.

That being said, it’s probably worth noting that silver has filled a gap in the futures market during the day and has bounced from the bottom of that gap. In other words, we may see this market try to turn around based upon the technical analysis alone. I do think that we are in a very important level for this market, so we will have to pay close attention to the next impulsive candlestick. The market has been sold off quite drastically, so a short-term bounce does make a certain amount of sense. Whether or not it becomes something that’s a bit more longer-term, will remain to be seen, but clearly, we have enough volatility for something like that.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire


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