Silver Weekly Price Forecast – Silver Drops for the Week

Silver Price Forecast Video for 13.11.23

Silver Weekly Technical Analysis

Silver has dropped significantly during the course of the trading week, breaking down toward the $22.50 level. The 50-Week EMA has offered resistance early in the week, and we are closing toward the bottom of the range. That doesn’t suggest that perhaps the market has to fall apart, but it certainly shows that there’s a lot of negativity. The 200-Week EMA underneath is obviously going to be an indicator that a lot of people pay attention to and it is also worth noting that the hammer from about 5 weeks ago sits right around in the same area as well.

If we can break above the top of the candlestick for the week, it opens up the possibility of a move to the $24 level, it is probably worth noting that we have had a nice gentle pullback overall, and we are at the bottom of what could be thought of as a major channel going back a couple of years. That’s not necessarily a signal to start going long yet, but it does also suggest that this is an area where we will have to make a certain amount of decisions.

For a longer-term trader, if we do take out the top of this weekly candlestick we just printed, that’s probably a very strong sign. On the other hand, if we close on a weekly candlestick below the 200-Week EMA, then you have to start to ask questions about whether or not we are going to continue to go lower. Furthermore, you will have to pay attention to interest rates, because if they do start to take off again, that can work against the value of silver also.

For a look at all of today’s economic events, check out our economic calendar.