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Silver Weekly Price Forecast – Silver Has Another Bullish Week

By:
Christopher Lewis

Silver has rallied rather significantly during the course of the week, as it looks like we are trying to threaten the $26 level.

Silver bullion, FX Empire

In this article:

Silver Price Forecast Video for 04.12.23

Silver Markets Weekly Technical Analysis

Silver has rallied rather significantly during the course of the trading week, to break above the $25 level. Ultimately, this is a market that I think goes looking to the $26 level, which is an area where we have seen resistance previously. However, I think what we are looking at a potential opportunity to buy this market on shorter time frames that show short-term pullbacks. We are a little overdone at this point, although it’s much more obvious on the daily chart.

If we were to turn around and break above the $26 level, then it opens up a much bigger move for silver. It’s obviously a very bullish market, and we have cleared a major barrier. That being said, a short-term pullback does make a certain amount of sense, but I will be looking for value in this market. Pay close attention to the 10 year yield in the United States, because if it starts to rise, that could be one of the catalyst for silver to pull back. If it continues to see interest rates drop, that will send silver much higher.

All things being equal, this is a market that I think continues to find buyers in the long term, but in the short term I think you continue to see a lot of volatility. I would also be very cautious with my position size, opening up the possibility of “dipping your toe” into the market, and adding as it works out in your favor. Jumping “all in” at this point is probably going to be extraordinarily dangerous. I like silver, but I don’t want to chase the trade.

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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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