SILVER CRACKUP BOOM! Price Trend Forecast 2023

Commodities / Gold & Silver 2023 Feb 07, 2023 - 07:54 AM GMT

My last look at the prospects for SIlver of early May 2022 warned to expect the inflationary crack up boom to eventually make it's way to the precious metals complex - The CRACK UP BOOM! Implications for Stocks, Housing. and Commodities, Silver Potential

Silver is at the opportune level of $22 for long-term accumulation that first targets the top of the range at $28 and then on a breakout higher to ultimately target the previous all time high of $50.

As I often voice Silver exhibits a messy trend, infuriating at times, as was the case during the summer months when instead of climbing higher along with rampant Inflation it actually fell to below the last lost of $21, falling to support at $18 eventually bottoming at $17.4. Definitely not an easy market to trade! Nevertheless subsequent price action has seen Silver put in a series of higher highs and lows, with the price since early November not allowing those sat on the sidelines waiting for a dip to buy to get onboard as each correction has proven to be milder than the one before.

The stage finally appears set for Silver to make a run for resistance between $28 and $30 which I am sure will again resolve in a messy trend, however the price action that follows will set the scene for a breakout higher to target at least $35 during 2023.

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By Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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