Silver Weekly Price Forecast – Silver Bounces From the Lows

Silver Price Forecast Video for 09.10.23

Silver Weekly Technical Analysis

Silver markets have fallen significantly during the course of the week, but are also starting to show signs of stabilization as we close out the candlestick. By doing so, it suggests that perhaps there might be a short-term rally coming, and it does make a certain amount of sense considering the precious metals in general are oversold. The jobs number on Friday came out triple what was expected, it may have people looking at silver as a potential industrial play, not necessarily a precious metals one.

Because of this, I think it’s probably going to be a situation where you have to pay close attention to the familiar $22.33 level, an area that previously had been significant support. It should now be significant resistance based upon the theory of “market memory”, and of course the fact that there had been so much structural trading in that area to begin with. On the other hand, if we were to break down below the bottom of the candlestick for the week, that would obviously be very negative and it could send this market reeling.

At that point, I would expect to see the silver market reach toward the $20 level underneath which was a significant swing low going back to the beginning of the year, and of course will not only have a certain amount of psychology attached to it, but also have a ton of options barriers one thing. Nonetheless, I think this remains a “fade the rally” market, but you may be better served doing that on the daily chart but using the weekly chart for your analysis.

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