Silver Weekly Price Forecast – Silver Markets Continue to Cling Onto the Same Level

Silver markets look as if they are trying to stabilize near the $22 level, an area that has been important more than once. That being said, the $22 level is more of a zone that it is a significant level, as it extends down towards the $21.50 level. The 200 week EMA sits just below there and is flattening. At this point, the market looks as if it is trying to rally a bit, and if we can break above the top of this candlestick for the past week, then it is likely that we go looking towards the 50 week EMA.

SILVER Video 13.12.21

On the other hand, if we turn around a break down below the 200 week EMA near the $21.13 level, then the market is likely to go looking towards the $20 level. This is an area that I think continues to see a lot of support based upon psychology and previous behavior, but we will have to wait and see whether or not that happens. Keep in mind that the silver market is likely to see a lot of volatility and a lot of negative correlation to the US dollar, so you need to pay close attention to what is going on in the US Dollar Index.

The market continues to be very noisy, and as we head towards the holidays it is probably going to be difficult to pick up any real momentum. The one thing that could have this market really taken off tween now and New Year’s is that there some type of risk event, as liquidity could be a major issue, in a market that is not nearly as liquid as gold.

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