Silver Weekly Price Forecast – Silver Markets Show Signs of Strength

Silver Weekly Technical Analysis

Silver markets have rallied a bit during the course of the week, as we continue to see signs of hope. That being said, you also need to pay close attention to the idea of the economy slowing down worldwide. After all, if that does continue to be the case, the demand probably be weak at best. Ultimately, this is a market that has a lot to deal with just above, so I still like the idea of fading rallies as they happen.

Pay close attention to the US dollar, because it has a major influence on what happens in this market over the longer term. There is a huge negative divergence and correlation that we have been dealing with for a while, so it’s worth noting that the market is likely to continue seeing a lot of volatility. Given enough time, I do believe that it is going to be a situation where we see plenty of sellers above, so at the first signs of exhaustion, I am more likely than not going to be fading any rally. That being said, it’s probably easier to do from the daily timeframe than the weekly timeframe, but I think regardless, we will eventually show enough exhaustion to get short sooner or later, perhaps aiming for the $18 level again.

The alternate scenario is that we break above the $22 level, which could open up a bigger move to the upside, allowing the market to go to the $26 level. The market continues to be very noisy, but the bounce that we have seen has been simply a recovery of an oversold condition, as the market continues to see volatility.

Silver Price Forecast Video for the Week of 15.08.22

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