Silver Weekly Price Forecast – Silver Markets Break Above Resistance

Silver Price Forecast Video for 10.04.23

Silver Weekly Technical Analysis

Silver markets initially pulled back for the week, but then turned around to show signs of strength as we continue to see a flight into precious metals. With that being said, the market continues to look to the upside, perhaps trying to reach the $26 level before it is all said and done. It’s also worth noting that Friday was Good Friday, so there were only 4 days of trading involved. This shows just how volatile the market has been.

All that being said, it’s also worth noting that the market has gone straight up in the air for a while now, so you would have to think that it is a market that could very well run into some exhaustion. Quite frankly, I would welcome that opportunity, as it would be an opportunity to pick up silver “on the cheap.” With that, I think you would be looking to buy dips going forward. Silver does have some issues when it comes to the idea of industrial demand, because, unlike gold, it is used quite extensively in the industry. In other words, it’s not just a protector of wealth, it’s also a relatively widely used industrial metal.

On the downside, I would anticipate that the $24 level offer support, followed by the $23.50 level. On the upside, if we can break out above the top of the candlestick, then it’s very likely that we go looking to the $26 level. Anything above there gets truly interesting, but I would not want to see silver just take off to the upside like that, because it would be difficult to maintain that type of momentum.

For a look at all of today’s economic events, check out our economic calendar.