Silver Weekly Price Forecast – Silver Recovers After Initial Dip for the Week

Silver Price Forecast Video for 19.06.23

Silver Weekly Technical Analysis

Silver fell rather hard during the course of the trading week, to reach down toward the 50-Week EMA. The 50-Week EMA is a major indicator that a lot of people will pay close attention to, not to mention the fact that the 50% Fibonacci level is set right around the same area. By the end of the week, we ended up forming a bit of a hammer, and if we can break above the top of the last 2 candlesticks, it’s very possible that we could send this market looking to the $25 level. Above there, the $26 level could be targeted.

On the other hand, if the market were to break down below the 50-Week EMA, then it’s likely that we could go down to the 61.8% Fibonacci level. The 200-Week EMA sits underneath there. Keep in mind that silver is very sensitive to the US dollar, and therefore you should pay close attention to the negative correlation between the two. With this being the case, the market is likely to continue to see a lot of volatility, but that’s nothing new for silver to say the least.

I do believe that we have more upward momentum than down, especially as the US dollar is losing strength against the Euro and the Pound, so therefore I think you got a situation where silver will probably ride the back of the currency markets, so make sure that you are paying close attention to the US Dollar Index, as it is one of the more important secondary indicators that you will be paying close attention to.

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