Silver Weekly Price Forecast – Silver Has a Wild Week Again

Silver Price Forecast Video for 08.05.23

Silver Weekly Technical Analysis

Silver has gone back and forth quite violently over the course of the week, as we continue to threaten major resistance barriers above. With this being the case, I think it is probably only a matter of time before we start seeing silver have to make a bigger move. Ultimately, the market is at a pretty significant resistance barrier in general based upon historical price action, and the market did shoot straight up in the air to get here to begin with. In other words, a little bit of “treading water” makes sense.

The $27 level is a major resistance barrier, and if the market can somehow get above there, I just don’t see anything that’s going to stand in the way of $30 next. Underneath, the $25 level continues to attract a lot of attention as you would expect, being a large, round, psychologically significant figure. Even if we break down below there, we had recently seen the $24 level act as a bit of a magnet for price, as the silver market consolidated around that figure late last year throughout the winter. In other words, there is probably quite a bit of “market memory” in that area, and order flow that could step into the picture and support the market.

The US dollar continues to struggle in general, and as long as that’s going to be the case it does make a certain amount of sense that silver will track some inflow. It is negatively correlated to the US Dollar Index most of the time, and in this scenario it certainly seems to be holding up that correlation, at least as of late. With that, I think it is only a matter of time before buyers come back into pickup silver on dips.

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