Silver Weekly Price Forecast – Silver Markets Continue to Grind Higher

Silver had a very choppy week, but it did end up in the green, suggesting that we are still continuing to build a bit of a basing pattern from the most recent selloff. We have formed a little bit of a “double bottom” near the $21.50 level, and I think the market is doing what it can to respect that at the moment. If we can break above the candlestick for this past week, then I think we will more than likely go looking towards the $24 level, or even $24.09 where the 50 week EMA currently resides. That being said, it is worth noting just how important the $22 region has been as support going back a couple of years now, so the fact that we held this area is probably not a huge surprise.

SILVER Video 03.01.22

Obviously, the US dollar has its say so pay attention to the US Dollar Index and pallets behaving. The market certainly look as if they are ready to go into more of a “risk on mode” when we come back from New Year’s, and silver will be an excellent proxy for that. If traders are putting on a lot of risk appetite, silver should be one of the main beneficiaries. In that scenario, I could even see this market going much higher, perhaps testing the $25 level which is the next major selloff point on the weekly chart. On the other hand, if we were to get something catastrophic going, a move below the $21.50 level could be horrible for silver traders. As things stand right now though, that does not look to be the case and I suspect that any pullback will probably be bought into.

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