Silver Price Forecast Video for 29.03.23
Silver Markets Technical Analysis
Silver has gone back and forth during the trading session on Tuesday as we continue to see a lot of noisy trading in this market. It’s not a huge surprise, because silver is notorious for its volatility, especially as there is a lot of uncertainty out there in general. Thesilver marketis highly sensitive to not only risk appetite, but also industrial demand. Industrial demand is obviously going to be a negative at this point, as it looks like the global markets are starting to slow down.
The $23 level underneath should offer a certain amount of support, as it is a large, round, psychologically significant figure that has been important previously, and of course we have bounced from there earlier in the trading session. On the other hand, the $23.50 level above has been significantly resistive as of late, and it is the point at which we started to sell off quite drastically during the previous bear market. Furthermore, there is a lot of noise all the way up to the $24.75 level, and of course the $25 level will be psychologically important. In fact, most times the market has broken above the $25 level, it has led to a huge move to the upside.
The 50-Day EMA presently sits at the $22.21 level and is rising. That obviously will be dynamic support for most traders, so that might be the target if we break down from here. Breaking down below that then opens up the possibility of a move down to the 200-Day EMA, which this just below the $22 level. Ultimately, if we do break to the upside, it’s going to be a slow slog higher. I do believe that silver continues to be a difficult market to trade, but I also believe that eventually we will get a pullback that we can buy into. It’s difficult to chase it all the way up here, as we have made such progress in such a short amount of time. The volatility will probably get worse, not better, and that typically works against the bullish pressure. Keep your position size reasonable, because this market is about to get very noisy.
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This article was originally posted on FX Empire
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