Silver Weekly Price Forecast – Silver Continues to See Volatile Movement

Silver Markets Weekly Technical Analysis

The silver market has been all over the place during the course of the trading week as the $24.50 level underneath offers support and the $26 level above offers significant resistance. In general, this is a market that I think continues to see a lot of noisy behavior and at this point I think we are trying to build up enough pressure to finally take off and break above the $26 level. If we can do that then the market is likely to go looking towards the $27.50 level.

Keep in mind that silver is an industrial metal as well as a precious metal so it may not move the same way that gold does or at the very least it may not be as strong. And that is clearly evident at the moment as gold has broken to all-time highs and silver is still dealing with the same resistance barriers that it has been dealing with since early 2021. So, with all of that being said, it could have a little bit of catching up to do, but I think the ride higher here is going to be much more volatile and difficult than gold.

If we break down below the $24.50 level, then it opens up a move down to the $23.50 level. As the Friday candlestick plays out, it does look like the buyers are trying to step in and pick the market back up, so we may make another run towards $26, but make sure you keep your position size reasonable because silver can be a very dangerous market at times.

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