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Silver Weekly Price Forecast – Silver Plunges for the Week

By:
Christopher Lewis

Silver has been absolutely hammered during the course of the trading week, after initially kicking off with a boom on Monday.

Silver coins, FX Empire

In this article:

Silver Price Forecast Video for 11.12.23

Silver Markets Weekly Technical Analysis

Monday featured a “blow off top” in the silver market, and we have done nothing but sell off drastically since then. That being the case, it looks like the big money has abandoned the silver market, and it’s very likely that we continue to get lower from here. Short-term rallies will most certainly be sold into, and now I think the $24 level makes a massive barrier that we would have to overcome to even think remotely along the lines of buying this market.

The size of the candlestick is rather telling, and this could be the beginning of something rather ugly for silver going forward. That being said, we are also at the end of the year essentially, and that means that liquidity could be a major issue. If liquidity starts to drop off, then you have a situation where silver could be rather wild. Either way, position sizing is going to be crucial, and you do need to be cautious with the idea of getting to overly exposed to this market. Quite frankly, most big traders probably dump their positions on Friday, and are just simply standing out of the way. The market is likely to continue to see a lot of questions asked of it, so at this point I think you are probably better off as a longer-term trader just simply waiting until January to get involved.

Pay attention to the bond market, because interest rates will have a negative correlation to silver, just as the US dollar will. We could get erratic movement due to the lack of liquidity, so keep that in mind, and recognize the fact that you may be better off leaving this alone.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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