Silver Weekly Price Forecast – Silver Continues to Consolidate

Silver Price Forecast Video for 02.10.23

Silver Weekly Technical Analysis

Silver fell rather hard during the trading week as the market reached the bottom of the overall consolidation area, which is essentially the $22.50 level. The 200-Week EMA sits underneath there, which should offer support as well. That being said, the market has bounced enough to form a bit of a hammer, and it does suggest that perhaps we are going to stay in the range and perhaps even try to reach toward the high, closer to the $25.50 level.

Ultimately, we need to pay close attention to what the market is focusing on, and typically the silver market will pay attention to interest rates in the United States, and of course the value of the US dollar which is essentially the same thing. Furthermore, the market tends to pay close attention to the idea of what’s going on with the industrial demand, as silver is highly sought after and green technology part of the economy.

If we break above the top of the candlestick, then the market could go looking toward the $25.50 level, but I think it’s going to continue to be a very noisy market. Be cautious with your position sizing, because it could get you into serious trouble if you are not careful. Ultimately, this is a market that looks like it’s ready to continue doing the same back-and-forth choppiness that we have seen for several months, but if we were to break down below the 200-Week EMA, that could open up a move all the way down to the $20 level underneath. Ultimately, the way the market behave this week I don’t know if anything has truly changed.

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