Silver Weekly Price Forecast – Silver Has Another Negative Week

Silver Price Forecast Video for 13.03.23

Silver Weekly Technical Analysis

Silver markets have fallen rather hard during the course of the week to test the $20 level, only to turn around and show signs of life. What is also worth noting is the fact that the 61.8% Fibonacci level sits right around the $20 level as well, so it does make a certain amount of sense that we have bounced from there. By doing so, it looks like we could get a little bit of a relief rally, but I don’t know whether or not we are going to continue to go higher very easily. After all, there are a lot of questions out there when it comes down to industrial demand, which of course is a major factor in the silver market.

If we were to break down below the bottom of the candlestick for the week, then it’s possible that we could drop down to the $19 level, perhaps down to the $18.50 level after that. If we do rally from here, the 50-Week EMA $21.92 level, and of course the 200-Week EMA is sitting below there at the $21.52 level. Both of those are going to be difficult to get above, but nonetheless it’s likely that we will continue to see quite a bit of noisy behavior, and the fact that we bounce so hard on Friday does at least give us a little bit of hope to move to the upside.

Nonetheless, this is a market that I think will continue to see a lot of volatility, so therefore you need to be very cautious with your position sizing, but it does look like we are trying to recover and therefore it’s very possible that we would see an attempt to grind higher.

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