Silver Weekly Price Forecast – Silver Shoots Higher For The Week

Silver Markets Weekly Technical Analysis

You can see silver has rallied rather significantly during the course of the week to break well above the $24.50 level. And now looks as if it is going to try to reach the crucial $26 level above. As you can see on the chart, $26 has held firm since basically summer of 2021 as major resistance. This is an area that I think it is going to be very difficult to take out, but if we were to do so, it could bring in a new flood of money.

So, it’ll be interesting to see what happens this time. If we were to break above $26, the next area would be around $26.50, and we would start to see serious trouble. Keep in mind silver is a very choppy and volatile market, so it is difficult to trade from a long-term perspective, unless you’re willing to sit through a couple of years.

Although this year has been rather explosive so far, the reality is we’re still in last year’s range, so keep that in mind as well. With all that being said, I guess I’m positive on silver, but from a buy and hold standpoint, we still have quite a bit of work to do to make that truly convincing. Pay attention to interest rates, pay attention to central bank action, and of course, stay in tune with risk appetite in general. All things being equal, I expect more volatility than anything else.

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