Silver Weekly Forecast – Silver Continues to Hang in the Same Area
Silver Price Forecast Video for 28.11.22
Silver Weekly Technical Analysis
Silver has gone back and forth during the trading week, as we continue to see a lot of noisy behavior. The 200-Week EMA sits right in the middle of all of this mess, so it does look like we are going to continue to see a lot of noisy behavior, with the area just above the $22 level offers a significant amount of resistance, while the $20 level underneath should be supported. Nonetheless, one would expect to see a lot of noisy behavior, and then perhaps a major break out or break down.
If we can break above the $22.50 level, then it’s likely that the market could go looking to the $25 level, perhaps even the $26 level after that. On the other hand, if we were determined to break down below the $20 level, then it’s possible that we could go looking to the $18 level underneath, which has been major support more than once.
Keep in mind that silver is highly sensitive to interest rate markets, so if rates go up, silver typically will go down. Furthermore, you need to keep in mind that silver is also an industrial metal, so there is something to be said about concerns when it comes to industrial demand. That could drive prices down, but at this point it looks like we are basically at an inflection point. It seems like traders are only focusing on the Federal Reserve at this point, so obviously all of his interest rate expectations will come into the picture as well. Keep in mind that the jobs number on Friday will have a major influence on interest rate expectations, so therefore could cause some noise and silver.
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