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Silver Weekly Price Forecast – Silver Bounces for the Week

By:
Christopher Lewis
Published: Jun 2, 2023, 15:48 GMT+00:00

Silver initially fell off during the trading week, but then turned around to show signs of life again. At this point in time, it’s likely that the market will have to make a bigger decision.

Silver, FX Empire

Silver Price Forecast Video for 05.06.23

Silver Weekly Technical Analysis

Silver has gone back and forth during the trading week, as we are hanging around the 50% Fibonacci level. The 50% Fibonacci level of course is an area that a lot of people pay close attention to, and we have the 50-Day EMA offering a significant amount of support. If we break above the top of the weekly candlestick for both this weekend and the previous one, that allows silver to go looking toward the $25 level. The $25 level course has a lot of psychology attached to it, and I do think that it would probably only be a matter of time before the sellers may show up to slow the market down. However, if we do reach $25, it would not surprise me at all that the market eventually rallies to the $26 level.

Alternatively, if the market were to break down below the 50-Day EMA, then it opens up the possibility of a move down to the 200-Week EMA, closer to the $22 level. Anything below there opens up a huge flush lower, perhaps sending silver down to the $20 level, an area that would obviously be very important from a psychological standpoint and the fact that it was previously important, as we have bounced it’s a major swing low that the market has paid close attention to.

Either way, I think silver is about to make a bigger move, and the fact that we are grinding back and forth in this overall general range does make a lot of sense. Ultimately, be cautious and make sure that you are paying attention to what the market is telling you.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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