Silver Weekly Price Forecast – Silver Markets Find Resistance

Silver Weekly Technical Analysis

Silver markets have rallied during the course of the week, to test the crucial $22 level, an area that has been important more than once in the past. The $22 level has been a massive support in the past, so it should be massive resistance now. We are already starting to see that play out on the daily chart, so it does make a certain amount of sense that we would see sellers in that area. The “market memory” is starting to play out, and the Friday session was rather rough. Furthermore, the 200 Week EMA is sitting right there as well, so therefore it looks as if silver is ready to continue going lower.

If we break down below the candlestick from the previous week, that will threaten the $20 level. If we break down below the $20 level, it is likely that silver will fall apart. The US dollar is like a wrecking ball for this market, so pay close attention to the US Dollar Index. The US Dollar Index will have a major influence on what happens next, so as it rises you should keep that negative correlation in mind.

As far as buying is concerned, I have no interest in doing so anytime soon, and if I wanted to buy some type of precious metal, it would be gold. Remember, silver has a major industrial usage case as well, which is more likely than not is going to continue to slow down due to the slowing economy. As long as that is the case, I think this is a “fade the rallies” type of scenario that people will be paying close attention to.

Silver Price Forecast Video 23.05.22

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