Silver Weekly Price Forecast – Silver Show Signs of Stability

Silver Price Forecast Video for 29-01-2024

Silver Markets Weekly Technical Analysis

As you can see, the silver market did fall significantly during the course of the trading week to reach down to the $22 level before bouncing and the 200 week EMA sits just above there as well. With that being the case, I think you’ve got a situation where we are just simply defending the bottom of what I think is going to be the range for the year. The $22 level being the bottom, and the $26 level being the top. That’s pretty much how we traded this past year and also in 2021. In other words, it’s an area that the market is very comfortable being in, so therefore I think you need to keep that in the back of your mind.

So, it does make a certain amount of sense. I think gold could be a positive influence on silver, but you also have to keep in mind that silver is an industrial metal as well. And the silver market will of course move based on interest rates and the US dollar as there is a negative correlation between those two markets and silver.

At this point though, I think the simplest way to look at this market is just that it is simply at the bottom of its overall range. I have to add that we formed a hammer, which is a technically strong signal that we are going to bounce but it doesn’t mean that it’s going to be easy or that you bet half of your account on the trade. But clearly, it looks like we got a little oversold and now we are correcting.

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