Silver Weekly Price Forecast – Silver Markets Hanging Onto $25

Silver markets have pulled back a bit during the course of the trading week, to show signs of negativity but quite frankly it seems as if we are trying to hang on to the $25 level. The $25 level course is a large, round, psychologically significant figure, but it should also be noted that we have recently broken out of an inverted head and shoulders, which extends all the way back down to the $22 level. You also noticed that I have circled the market at the $22 level III times, as it looks as if it is a major bottom and the market.

SILVER Video 22.11.21

Ultimately, if we can take out the highs of the last two weeks, it is very likely that this market will go looking towards the $28 level, maybe even the $28.50 level. Needless to say, it is a market that is very noisy and erratic, so you do not want to have too big of a position on at any one point. Short-term pullbacks continue to offer buying opportunities, and I have no interest in shorting this market anytime soon. Looking at this chart, it is likely that we continue to focus on the industrial demand, which of course is picking up as we have reopened.

Silver of course is important for a lot of different technologies, including green energy, which of course is going to continue to take off. It is also worth noting that the candlestick for the pullback this past week was only about 50% of the previous bullish candlestick, so it shows that we still have plenty of interest to the upside.

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