Silver Weekly Price Forecast – Silver Attempts to Stabilize

Silver Price Forecast Video for 03.07.23

Silver Weekly Technical Analysis

Silver has rallied during the course of the week to break above the 50-Week EMA, but gave bank gains above that area. Because this, looks like we are still hesitating a bit, especially after that massive red candlestick from the previous week. That of course is a very ugly looking candlestick, but we also have a lot of support in this same general vicinity. When you look at the chart, the 200-Week EMA sits just below the $22 level, and I think that could offer quite a bit of support.

A break above the top of the candlestick for the week could open up the possibility of a move to the $24 level, which is where we sold off from previously. If we can take that out, it would obviously be a very bullish sign, but it’s worth noting that over the last couple of weeks, we have only had a couple of impulsive candlesticks, and both of them have been quite negative. This tells me that there are a lot of concerns when it comes to silver.

It’ll be interesting to see how this plays out, because the silver market is highly sensitive to the US dollar, but it is also highly sensitive to industrial demand, as it is an industrial metal. The industrial metal aspect of this market will of course be paying close attention to global growth, or perhaps even the lack of it. With that, I think you’ve got to look at this through the prism of a choppy and volatile market, so we will have to pay close attention to what’s going on in the global economy.

All things being equal, if the break above the top of the candlestick for the week, I do think that we go looking to the $24 level. However, if we break down below the bottom of the candlestick for the past 2 weeks, we will most certainly test the $22 level underneath, near the 200-Week EMA.

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