Silver Weekly Price Forecast – Silver Continues to Look for Buyers

Silver Price Forecast Video for 29.05.23

Silver Weekly Technical Analysis

Silver has fallen rather hard during the trading week to reach down toward the 50-Day EMA, only to see buyers come back into the picture and start to lift silver again. Ultimately, the market bouncing from here is a good sign and it’s probably worth noting that the market has found a little bit of stabilization right around the 50% Fibonacci level, so therefore it’s likely that we will attract a certain amount of technical trading.

If we break down below the weekly candlestick, it would clear the 50-Week EMA, perhaps opening up a move down to the 61.8% Fibonacci retracement level. That of course is an area where a lot of traders will be paying close attention to what’s going on, and therefore could be looking to pick up a little bit of value. Whether or not that holds remains to be seen, but it’s certainly worth noting that silver has been explosively bullish until the last couple of weeks.

A close attention to the US dollar, because it has a well-known negative correlation with the silver market, so if it starts to strengthen that could cause some issues for silver. On the other hand, if we could take out the $24 level to the upside, it’s likely that the silver market goes looking to the $25 level. With all of that, the market is more likely than not going to end up being one that attracts a certain amount of attention to the upside, but again, if we break down below the bottom of the weekly candlestick, that could lead to something a little uglier going forward.

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