Silver Weekly Price Forecast – Silver Continues to See Bullish Pressure

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.

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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.

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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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