Silver Weekly Price Forecast – Silver Markets Continue to Be Choppy

Silver Weekly Technical Analysis

Silver markets have gone back and forth during the trading week, as we continue to pay close attention to the $22 level. The market is also hanging about the 200 Week EMA, showing signs of life again. Ultimately, this is a market that is trying to decide whether or not we are going to hang on, or if we are going to break down and go much lower. Keep in mind that silver is an industrial metal, so we need to look at the overall demand that could come out of the economy.

On the other hand, if we break above the weekly candlestick, it’s possible that we could go higher, perhaps reaching the $23 level. Breaking above the $23 level is a very bullish sign, and at that point, I would anticipate that silver could rally significantly. However, it’s very likely that we will be choppy instead, and I would anticipate that silver will underperform gold in general, so therefore it’s likely that we will see a significant amount of noisy and difficult trading. That being said, we need to be cautious with our position size, so, therefore, make sure that you are keeping track of it.

All things being equal, this is a market that looks like it’s ready for some type of move as we have been squeezing for the last couple of weeks, and one would think that perhaps the next move would be lower based on the previous surge to the downside, but it’s interesting that we are at a correlation of both moving averages and a large, round, psychologically significant figure. Furthermore, this is an area that has a lot of history.

Silver Price Forecast Video 06.06.22

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