Silver Weekly Price Forecast – Silver Markets Have Had Another Negative Week

Silver Weekly Technical Analysis

Silver markets have broken significantly below the $20 level over the last couple of weeks, and now the area looks like it could be a bit of dynamic resistance. The market bouncing the way it has at the end of the week of course is somewhat promising, but when you look at the longer-term chart, you can see that we had recently broken down below a massive “H pattern.” The measured move of this H pattern suggests that we could go down to the roughly $16 level.

Pay close attention to the US Dollar Index, as it has a major influence on what happens in the silver market as there is such a massive negative correlation between the two markets. That being said, if we were to turn around and break above the $20 level, then you need to pay close attention to the $21 area, as it is where we the bottom fell out of this “H pattern.”

Breaking down below the bottom of the candlestick opens up the possibility of even more selling, and of course, you need to pay attention to those yields in America as well because the more they grind higher, the more likely it is that silver will fall as well. Keep in mind that silver is not only a precious metal but an industrial one as well.

When you look at this chart, it’s obvious that we are slumping, and even in an inflationary environment, silver can fall if there is no real demand. As we head into recession, it’s difficult to imagine that silver is going to be very bullish.

Silver Price Forecast Video 11.07.22

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