Silver Weekly Price Forecast – Silver Markets Continue Choppy Behavior

Silver markets have gone back and forth during the course of the week, showing signs of indecision as we are sitting between the $22 level on the bottom and the $23 level on the top. The candlestick is rather neutral, so it does show a bit of confusion, and of course will remain choppy. In fact, the hammer from the previous weekend the inverted hammer from the one before that shows just how confused we are. Keep in mind that the silver market is very volatile, and of course has a major negative correlation to the greenback.

SILVER Video 11.10.21

If we break down below the bottom of the hammer from the previous week, I do think that silver will more than likely go looking towards the $20 level. On the other hand, if we turn around a break above the $23 level on a daily close, it is possible that we could go looking towards the $24 level. The 50 week EMA currently sits at roughly $24.50 and is sloping lower so it makes a certain amount of sense that we are essentially “trapped” in this overall area. That being said, as soon as we get some type of momentum it is very likely that we will go for a bigger move in one direction or the other.

That being said, the market has a lot of fear baked into it as the question of whether or not we are going to continue to reopen and demand these types of commodities, or whether or not there are problems ahead that could send pricing. Pay close attention to the US Dollar Index, which is highly negatively correlated to the chart.

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