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Silver Weekly Price Forecast – Silver Has Another Bullish Week

By:
Christopher Lewis
Published: Mar 24, 2023, 16:45 GMT+00:00

Silver markets initially pulled back a bit during the course of the trading week, but then shot higher to reach the $23.50 level by the end of the week.

Silver, FX Empire

In this article:

Silver Price Forecast Video for 27.03.23

Silver Weekly Technical Analysis

Silver has initially fallen during the week, only to turn around and show signs of life. At this point, the market then reached towards the $23.50 level, an area that obviously would attract a certain amount of attention based upon previous action. As we approach the $24 level, we start to see a lot more in the way of resistance. The $24 level extends to the $25 level as far as resistance is concerned, as the market has seen so much in the way of selling pressure and noise there previously.

All things being equal, this is a market that is a little bit overextended, so I think this is a situation where you have to look at this through the prism of whether or not we are going to pull back. A sign of exhaustion might be shorted by some traders, but I don’t necessarily think that it becomes a major turning point. After all, we had initially pulled back only to show signs of support near the 61.8% Fibonacci level, near the $20 level.

Keep in mind that silver is highly sensitive to US dollar strength, and of course the interest-rate markets. But furthermore, the silver market has particular sensitivity to the overall industrial situation, as it is used in several industrial processes. The market is probably due for a pullback, but I don’t necessarily think that means that we are going to make a huge change in attitude. However, if we were to break above the $24.65 level, we may have a move to the $26 level based upon the breakout momentum.

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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