Silver Weekly Price Forecast – Silver Continues to Stall

Silver Markets Weekly Technical Analysis

You can see silver has continued to struggle with a $28.50 level. This is an area of that back in 2020 offered a lot of resistance, and at that point in time eventually sent the market down to the $17.50 level.

Now, I’m not necessarily suggesting that we are going to see that again, but this is an area that silver is going to struggle with. With that being said, I would not be surprised at all to see a little bit of a pullback. But the alternate scenario was that we can somehow break above $30, which would send a huge FOMO trade and probably massive short covering. In that instance, we could really start to take off to the upside.

I think at this point in time, silver at the very least, needs to digest some of the gains as it got too far ahead of itself, and it’s likely that we will continue to see sideways, if not downward pressure. In general, I think the $26 level will tell the entire story. Keep in mind that if we break down below there, it probably kicks off quite a bit of selling.

You should also keep your position size reasonable because quite frankly, silver is a great market to lose a lot of money in, especially when you’re levered with this market. Pay attention to interest rates, pay attention to gold because it could lead the way, and of course, pay attention to geopolitical conflict.

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