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Silver Weekly Price Forecast – Silver Forms Exhaustion Candle Again

By:
Christopher Lewis
Published: Apr 30, 2021, 17:16 UTC

Silver markets initially tried to rally during the course of the week but continue to look like they are hesitant to get above the $26 level.

Silver Weekly Price Forecast – Silver Forms Exhaustion Candle Again

Silver markets initially rally during the course of the trading week just as they did last week, but also as they did last week, started losing ground rather quickly. At this point in time, the market continues to see a lot of choppy behavior, and of course the US dollar has its major influence on silver anyway. The US dollar has strengthened on Friday to kill off any semblance of strength in this market, so the shooting star that we formed is probably somewhat skewed. Nonetheless, it is obvious to me that the $26 level continues to be very difficult to overcome.

SILVER Video 03.05.21

If we break down below the bottom of the candlestick for both this weekend the previous one, it is very likely that we go looking towards the $25 level, perhaps even followed by the $24 level which is where the 50 week EMA is. On the other hand, if we can break above the candlesticks from the last two weeks, it is likely that we would go looking towards the $28 level, followed by the $30 level which of course is a large, round, psychologically significant figure. Because of this, I think it is going to take a lot to get above there but there is also the possibility that the market is going to start focusing on industrial demand, so that could be the reason why silver takes off. As far as shorting is concerned, I am not comfortable doing so until we break down below the $24 level, because it opens up a move down to the $22 level next, an area that has been massive support a couple of times.

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

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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