Silver Weekly Price Forecast – Silver Forms a Hammer For The Week

Silver Price Forecast Video for 15-01-2024

Silver Markets Weekly Technical Analysis

Silver has rallied pretty significantly during the trading session on Friday as the PPI numbers came out cooler than anticipated suggesting that perhaps the Federal Reserve is getting a grasp on the inflationary headwinds and perhaps could start to cut rates. Only time will tell whether or not that actually plays out over time.

That being said, I think more likely than not, we are reacting to the fact that we are closer to the bottom anyway. The $22 level underneath continues to be a major support level, and I think that holds a longer term support level as well. The 200 day EMA being broken is probably a minor resistance barrier, but if we can break above the 50 day EMA, then we could go much higher, perhaps reaching the $24.50 level. Then, breaking above $24.50 opens up the possibility of the $26 level, which is the top of the longer term trading range. Silver, of course, also has industrial aspects to it as well, not just precious metal, so pay attention to that.

Also, the idea, of course, is that the Federal Reserve is going to juice the economy, and that probably gets people in the industrial sector going a little bit aggressive as well. Regardless, this is a market that you continue to buy on dips, and you have to be very cautious with your very small positions and then build up from there. That being said, I think you’ve got a situation where you just take advantage of value as it occurs.

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