Silver Weekly Price Forecast – Silver Markets Continue to Slump

Silver Weekly Technical Analysis

Silver markets have fallen significantly during the trading week to break down through the $18.50 level, and eventually threatened the $18.00 level. Ultimately, the market is likely to see a lot of noisy behavior, but I do think that it is only a matter of time before we see sellers jump back in and push this market lower. Ultimately, this is a market that I think will rise and fall with the US dollar.

Pay close attention to the US Dollar Index, because if it rises, that works against this market and vice versa. Furthermore, there are a lot of concerns out there when it comes to the idea of the economy slowing down, and you should think of this as a situation where the demand for silver will drop as it is an industrial metal. If we do rally from here, it’s only a matter of time before we see sellers near the $20 level. I would also say the same thing about the $21 level unless of course, something changes quite drastically, I just don’t have an argument for silver rising over the longer term.

If we break down below the bottom of the candlestick for the week, then it’s likely that we clear the $18 level and then go looking to the $16 level, possibly even the $15 level. This is a market that has been falling for a while, so I do think that it continues, but that does not necessarily mean that it will go straight down. I think the rally is going to be from an oversold condition more than anything else, and that will continue to be the case going forward.

Silver Price Forecast Video for the Week of 18.07.22

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