Silver Weekly Price Forecast – Silver Has a Choppy Week

Silver Price Forecast Video for 06.11.23

Silver Weekly Technical Analysis

Silver has gone back and forth as we are hanging around the 50-Week EMA, and therefore it’s likely that we are going to see a lot of volatility. If we can break above the top of the candlestick, then it’s likely that we could go looking to the $24 level. If we can break above the $24 level, then we probably go looking to the $25 level over the longer term. On the other hand, if we were to turn around and break down below the bottom of the candlestick, it opens up a move down to the 200-Week EMA at $22.17, and that eventually the $22 level. Anything below that is going to open up the possibility of a move all the way down to the $20 level.

Keep in mind that the silver market is highly sensitive to interest rates, but is also sensitive to geopolitical concerns, which has been its big helper. Furthermore, it’s an industrial metal, so there’s a lot of noise in this chart. This is why I don’t like trading silver as much as I do gold because it’s a lot less focused it seems at times. Nonetheless, I do suspect that we have more upward pressure than down, but I’m not willing to take on a position until we actually get a move out of the short-term range that the candlestick that we just finished is essentially outlining. All things being equal, this is a market that is going to continue to be tough at times, but if you’re patient enough, you should get a reasonable signal as we break out of the range.

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