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Silver Weekly Price Forecast – Silver Has an Extremely Bullish Week

By:
Christopher Lewis
Published: Mar 17, 2023, 16:13 UTC

Silver has rallied significantly during the week, breaking above the $21.50 level quite handily.

Silver, FX Empire

In this article:

Silver Price Forecast Video for 20.03.23

Silver Weekly Technical Analysis

The silver market has rallied significantly during the previous week, breaking above the $21.50 level to show signs of strength. Furthermore, the market has broken above both the 200-Week EMA and the 50-Week EMA indicators, so that does suggest further upward momentum. However, there is a significant amount of selling pressure above, so I think that this rally that seems to be building up might be more short-term than long-term.

Keep in mind that we have a Federal Reserve interest rate decision next week, and therefore there will be a lot of noise just waiting to happen. The size of the weekly candlestick is very bullish, but quite frankly since we don’t know what the Federal Reserve is going to do and the idea that interest rate expectations are all over the board, the only thing I think you can count on is a lot of volatility over the next week or so.

If we turn around and break down below the 200-Week EMA, then it’s possible that we could go down to the $21 level. On the other hand, we break above the top the candlestick for this past week, then we could go looking to the $23.50 level, maybe even the $24 level. Either way, I think you need to be very cautious with your position sizing, as we are essentially in the middle of a market that’s trying to find its footing in one direction or another.

Expect to see a lot of noisy trading around the FOMC decision, and then of course the statement and press conference afterwards. Quite frankly, position sizing will be crucial more than anything else as it can keep your account safe.

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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