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Silver Weekly Price Forecast – Silver Has Another Bullish Week

By:
Christopher Lewis
Published: Mar 31, 2023, 16:33 GMT+00:00

Silver initially tried to pull back a bit during the trading week, but then shot higher as it looks like we are trying to take out a huge block of orders above.

Silver, FX Empire

In this article:

Silver Price Forecast Video for 03.04.23

Silver Weekly Technical Analysis

Silver has initially pulled back a bit during the trading week, but has seen quite a bit of buying pressure coming back into the market. Alternatively, silver is trying to take out a huge block of noise above that extends between $23.50 and $24.60. Furthermore, there is probably going to be quite a bit of resistance to the $25 level, based upon historical noise and of course historical resistance. If we can break above the $25 level, the market could go much higher.

If we turn around and break down below the bottom of the weekly candlestick, then it is possible that we could go down to the 50-Week EMA, and therefore offer a bit of value. This is a market that is so overdone at this point I think it’s probably only a matter time before we get that pullback. From a longer-term standpoint, you could be looking at this through the prism of $20 being the floor, while somewhere just below the $25 level is the ceiling. As we are closer to the top than the bottom, it does seem like we are due for a pullback. That being said, if we do break above the $25 level, it could open up a move to the $26 level. Anything above there then faces a huge air pocket that we could send this market much higher.

Ultimately, this is a scenario that I think could run into a lot of different headwinds and tailwinds, not the least of which would be the US dollar. If the US dollar starts to strengthen a bit, is very likely that the silver market may take it on the chin. Ultimately, this is a situation where we have got a little ahead of ourselves, so I think it’s probably only a matter of time before we need to pullback in order to find value. This being the case, I think you get a situation where you may have to set up the trade on a daily chart but look at the weekly chart for signs of support and resistance for a bigger move.

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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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