Silver Futures Index $SILVER (SILVER)

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Silver Continues to Struggle
By: Christopher Lewis | October 19, 2023

• Silver continues to struggle in general, as it looks like we are going to continue to see a lot of volatility.

Silver Markets Technical Analysis

The silver market has initially tried to rally during the trading session on Thursday, but it looks like we are struggling with the idea of breaking above the 200-Day EMA. The silver market has been very noisy, but I think given enough time we need to look at this through the prism of whether or not the US dollar starts to pick up strength, or whether or not we see the US dollar fall, perhaps helping propel silver higher. Remember, silver is not just a precious metal, but it is also an industrial one as well. In other words, we need to look at this through the prism of whether or not we are going to see more of a risk on attitude or not.

Keep in mind that silver is also a precious metal, although it has a lot more in the way of noise when it comes to whether or not we are going to continue seeing a lot of volatility which of course is difficult to deal with when it comes to silver, as it is such a difficult market at times. If we can break above the shooting star from the trading session on Wednesday, then silver is likely to go looking toward the $24 level. However, this is a market that has been a little overdone recently, so I think at the very least, pullback makes quite a bit of sense.

If we break down below the $22.50 level, then the market is likely to go much lower, perhaps reaching down to the $22 level. The $22 level of course is a large, round, psychologically significant figure, in an area where we have seen the light of bullish pressure at. If we were to break down below there, then the market is likely to continue to go down to the $21 level.

On the other hand, if we turn around and break above the top of the shooting star from the previous session, then we could go look into the $24 level, but I think that would take an extraordinarily large amount of effort. In other words, ultimately this is a market that I think continues to draw from here.

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