Silver Weekly Price Forecast – Silver Plunges for the Week

Silver Price Forecast Video for 11.09.23

Silver Weekly Technical Analysis

The silver market has fallen rather significantly during the course of the week to reach down to the 50-Week EMA, and or near the $23 level. Silver has a major support level near the $22.50 level, and just above the 200-Week EMA. On the other hand, if we turn around and rally, the market then goes looking to the $25.50 level, which is the top of the overall consolidation range that we have been in for several months.

Keep in mind that silver is very sensitive to interest rates and of course the US dollar, so paying close attention to that is necessary at the moment. I think we stay range bound, but pay close attention to the $22 level, because if we were to break down below there, I do believe that silver goes much lower, reaching down to the $20 level.

In general, this is a situation where the market will continue to be very noisy, and therefore if you are going to trade silver, you need to be cognizant of what the US dollar is doing, as the negative correlation will continue to be a major influence. The market has formed a very large candlestick for the week, and it does suggest that there is a lot of selling pressure, but you can also make an argument that the candlestick from 2 weeks previously that has the same statement but in the opposite direction. At this point, I think we will continue to be range bound, but if we do break out of this range, then the market could move rather drastically in a “FOMO trade”, but right now it looks like we are just treading water.

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