Silver Weekly Price Forecast – Silver Finds Buyers on Dips
Silver Price Forecast Video for 30.01.23
Silver Weekly Technical Analysis
Silver has fallen rather hard during the week to reach down to the $23 level. However, we have seen buyers come back into the market and it’s going to be interesting to see whether not they continue to defend silver. That being said, if we break down below the bottom of the candlestick for this week, it opens up a move down to the $22 level, possibly even down to the 200-Week EMA near the $21.52 level.
On the other hand, if we turn around and break above the top of the candlesticks for the last couple of weeks, that would be very bullish and could send this market looking to the $25 level, perhaps up to the $26 level. The $26 level is an area where we had seen a lot of resistance previously, so it does make a nice target. However, keep in mind that the $25 level is a large, round, psychologically important figure and a lot of people will be paying close attention to them.
What I suspect we will see more than anything is a continuation of the sideways market that we have seen for the last 6 weeks or so. This does make a certain amount of sense, but by the time we get the Wednesday of this coming week, we have the FOMC meeting, and that could change the directionality of almost everything. In other words, this is a market that I think will continue to see a lot of noise more than anything else, so taking longer term positions will probably continue to be somewhat difficult.
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