Silver Weekly Price Forecast – Silver Markets Continue to Look Bearish

Silver Weekly Technical Analysis

Silver initially tried to rally during the course of the week, but continues to see the same downtrend line as a bit of a barrier that’s difficult to overcome. I believe at this point in time we more than likely will continue to see a lot of bearish pressure, as the market has been pummeled by a strengthening US dollar. In this scenario, I do believe that it is probably only a matter of time before we reach the $18 level. After all, interest rates and the US dollar both are working against any type of positivity, so therefore I believe that silver has only one direction over the intermediate term.

Furthermore, you need to keep in mind that silver is an industrial metal as well as a precious metal, so therefore you need to be aware of the fact that the overall “slant” of the market is down anyway, so this would just be a continuation of what we have already seen. I believe at this point in time, we are more likely than not going to continue to see a “fade the rally” type of approach to this market.

I recognize that markets will continue to see a lot of noisy behavior overall, but silver is especially prone to this. Because of this, I think we got a scenario where we are probably better off fading short-term rallies on smaller time frames, as the weekly chart may not give us enough “runway.” Ultimately, I think we break down below the $18 level and go look into the $15 level. That doesn’t mean that it happens right away, but most certainly looks likely at this point in time.

Silver Price Forecast Video for the Week of 26.09.22

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