Silver Price Forecast Video for 21.11.23
Silver Markets Technical Analysis
Silver has fallen rather hard to kick out the Monday session, as we have seen a lot of noisy behavior. All things being equal, this is a market that has found that $24 region to be a little too much, and we ended up forming a massive shooting star on Friday, which showed that perhaps we were a little overdone. Because of this, it does make certain amount of sense that we have pulled back the way we have. We have the 200-Day EMA sitting just below, and of course the 50-Day EMA is in the same region. Both of these moving averages are somewhat flat, so they may lose some of the efficacy of the moving averages offering support. That being said though, it could also be a scenario where buyers could be interested. Furthermore, we also have the $23 level underneath.
Ultimately, silver is going to be thrown around by a whole plethora of external factors such as industrial demand, as the metal is not only a precious metal, but also an industrial one. Furthermore, we also have to pay attention to interest rates coming out of the United States, because if they start to fall, that also can help silver. Taking out the top of the shooting star from the Friday session would be extraordinarily bullish and could open up a move to the $25 level, something that is still very much possible, but we may need to get a little bit of profit-taking out of the way in the meantime.
The size of the candlestick on Monday is somewhat impressive, but ultimately this is a situation where the market had gotten so far ahead of itself that the market had to sell off a bit. Ultimately, I think you have to look at this through the prism of finding a bit of value, but more importantly, finding the market somewhat stabilizing in the process as well. With this, I think you have to be cautiously optimistic, but probably patient more than anything else, waiting for an opportunity to get long of a market that clearly had gotten ahead of itself.
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This article was originally posted on FX Empire
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