Silver Weekly Price Forecast – Silver Markets Get Hammered for the Week

Silver markets have fallen hard during the course of the week to reach down towards the $22 level, but it is worth noting that the Friday session was a bit stable, which of course is a good sign. The area at the $22 level extends down to the $21.50 level for support, as we have seen a couple of hammers test this theory over the last several months. That being said, the market is likely to see a little bit of a bounce and at this point in time I think a retest of the top of the candlestick from this past week is very possible.

SILVER Video 10.01.22

From the longer-term standpoint, if we were to take out the top of the candlestick for this past week, that could open up quite a bit of buying pressure, perhaps sending silver to the $24 level, maybe even the $25 level after that. To the downside, if we were to break down below the $21.50 level, that could open up the “trapdoor” to much lower pricing, and almost certainly send silver down to $20 an ounce. $20 an ounce of course has a certain amount of psychology attached to it, so it does make a certain amount of sense.

All things been equal, this is a market that looks as if it is trying to figure out its longer-term attitude, but this past week has not been very kind to silver. Pay close attention to the US dollar, because if it continues to strengthen, that might be what kills silver in the end. Make sure your position sizing is reasonable.

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