Silver Weekly Price Forecast – Silver Explodes to the Upside

Silver Price Forecast Video for 20.11.23

Silver Weekly Technical Analysis

Silver has exploded to the upside during the course of the week to challenge the $24 level. The $24 level of course is a large, round, psychologically significant figure in an area where we’ve seen some noise in the past. If we can continue to go up and above that level, then it’s likely that we could go looking to the $25 level next, and then eventually the $25.50 level. This of course has been a very bullish candlestick for silver and therefore I think it’s probably only a matter time before we see some type of follow-through. With that being the case, I think you’ve got a situation where market participants will continue to be very erratic and schizophrenic. Quite frankly, this is the type of behavior I saw just before the Great Financial Crisis, and things are getting worse.

Financial markets no longer have anything to do with fundamentals and have everything to do with liquidity and flows. Now that traders believe that liquidity is going to start flooding the markets, they will start to buy anything that is not the US dollar. However, all it will take is some type of major negative announcement or a statement coming out of the Federal Reserve to slam this market right back down. Because of this, I’m not overly confident with any particular move so I am keeping my silver position very small, because at this point it’s the only thing that you can do in this type of environment. Clearly, you don’t want to be a seller of silver, but you also can’t expect the market to go straight up in the air as well. Expect a lot of choppy volatility and keep your position size small.

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