Silver Markets Have a Horrible Week

Silver Weekly Technical Analysis

Silver markets initially tried to rally during the course of the week, but then broke down rather drastically. At this point, this is a market that looks as if it is struggling for some type of footing, but it is also worth noting that the $24 level is an area that has been important more than once. Because of this, we could get a bit of a bounce, but we need to pay close attention to the shorter time frames before we can place any significant position. On the other hand, if we clear the $24 level on the daily chart, then it is likely that the market could go down to the $22 level next. Keep in mind that the $22 level is an area that has been support more than once, so one would assume it should have more support there again.

On the upside, the $26 level has been significant resistance, and it is going to be difficult to break above there. Perhaps we are trying to form some type of range of $4.00, and therefore it is likely that we will continue to see a lot of back and forth from a longer-term perspective. Currently, we are essentially in the middle of this range, thereby suggesting “fair value.”

Keep an eye on the US Dollar Index, because it does have a negative correlation to the market. Silver is highly sensitive to the greenback, but it is also very sensitive to the idea of whether or not there is going to be demand. The size of the candlestick is rather ugly, so it does suggest that perhaps we are probably going to see negativity, but we need confirmation.

Silver Price Forecast Video 25.04.22

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