Silver Price Forecast – Silver Continues to Hover Above Support
Silver Price Forecast Video for 08.02.23
Silver Markets Technical Analysis
Silver markets have gone back and forth during the trading session on Tuesday, as we continue to look at the $22 level as a potential support level. Ultimately, this is a scenario that is very interesting considering that the market had been so bullish as of late, but then consolidated and has fallen to a major moving average and an area where we have a huge gap on the daily chart. Because of this, it’s probably not a huge surprise to see that we are stagnant in this area. I suspect that we are in the midst of trying to figure things out.
The market has been noisy to say the least, but I believe at this point it is probably going to be interested in this area just below, because not only do we have that $22 level, but we also have the 200-Day EMA. That is an area that I think will continue to be important, so therefore you need to look at this through the prism of a market that is trying to figure out what to do with itself, but ultimately, I do think we will make a big decision soon.
Because of this, I’ll be watching to see whether or not we have an impulsive candlestick that we can follow. All things being equal, this is a market that looks as if it is trying to find enough support to turn around, but keep in mind that Jerome Powell will be speaking during the session, and that of course could have a major influence on what the US dollar does in the short term, which of course can have an influence on what we see in this market.
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This article was originally posted on FX Empire
