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Silver Weekly Price Forecast – Silver Continues to See Bullish Pressure

By:
Christopher Lewis
Updated: Jun 9, 2023, 16:28 GMT+00:00

Silver has initially dipped during the trading way, only to turn around and show signs of life again.

Silver, FX Empire

In this article:

Silver Price Forecast Video for 12.06.23

Silver Weekly Technical Analysis

Silver initially pulled back just a bit during the trading week, only to turn around and show signs of strength again. The $23 level underneath seems to be offering support, while the $25 level above could be a bit of a target. We have seen a lot of buying pressure, and I do think that eventually we will challenge that $25 level. By doing so, the market is likely to go looking toward the $26 level eventually.

Keep in mind that the market has been very noisy as of late, and the significant pullback seems to of brought in a lot of value hunters. As the US dollar has softened a bit during the trading week, we have seen silver and other commodities pick up a little bit of momentum. Nonetheless, this is a market that I think continues to see a lot of overhead resistance, so I think it’ll be more or less be very noisy. With this, I think that it remains a “buy on the dip” market, but it might be difficult to do so off of the weekly chart.

If we were to turn on and take out the $22.25 level, then we could see a much bigger move to the downside, perhaps opening up a drop down toward the $20 level where we had originally taken off from. Ultimately, that could happen, but we need to see a lot of US dollar strength in order to make that a reality. At this point, I think you need to be very cautious with position sizing because chasing this trade could be very dangerous. However, if you drill down to a shorter time frames to get better entries, you may find silver to be very profitable.

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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