Silver Weekly Price Forecast – Silver Continues to Test Overall Range

Christopher Lewis
Published: Jan 5, 2024, 15:25 UTC

Silver has fallen during the week, showing signs of negativity, but we are still very much in the same range that we have been in for a while.

Silver bullion and chart, FX Empire

In this article:

Silver Price Forecast Video for 08-01-2024

Silver Markets Weekly Technical Analysis

In this video, I am taking a look at the silver market on the weekly timeframe. Silver has spent most of the week falling but also has seen a bit of support underneath, especially near the $23 level this past week as traders have come back to work. Ultimately, I think more liquidity will come into the market next weekend. That should give us a little bit more of a clear picture, and it’s probably worth noting that there does seem to be a massive amount of support between the $23 level and the $22 level.

This is especially true with the $22 level featuring the 200 week EMA, an indicator that I do pay a bit of attention to. I think at this point in time Silver is just simply trying to carve out a range between $22 on the bottom and maybe $26 on the top. We will have to wait and see if it holds again. Nonetheless, we are closer to the bottom than the top, so it does suggest a bounce is more likely than not going to be in the cards.

I don’t have any interest in shorting silver, but if we were to give up the $21 level to the downside, that would be a very negative turn of events and at that point I could become aggressively short. I suspect this year is going to be more of the same that we have seen in the past, just simply bouncing around in this overall sloppy range that the market seems to like. Keep in mind that silver is notoriously noisy, so keep your position size reasonable.

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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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