Silver Weekly Price Forecast – Silver Shows Signs of Stability

Silver Price Forecast Video for 21.08.23

Silver Weekly Technical Analysis

Silver has gone back and forth during the course of the week, showing signs of hesitation. We are currently parked just above the 61.8% Fibonacci level, suggesting that we could see a little bit of support here from technical traders. Furthermore, there is also the 200-Week EMA sitting just below, and that will attract a certain amount of support as well. At this point, if we can break above the top of the weekly candlestick, I believe that the silver market will try to go back toward the top of what could be the current trading range, allowing it to go to the $25.50 level.

Alternatively, if we break down below the $22 level it would be a very bad sign for the silver market, opening up a move down to the $20 level. I don’t necessarily think that’s to be expected easily, but it is something to keep in the back of your mind. If we break down below $22 in this market, I will not hesitate to start shorting again. With that being said, I think this is a market that is still stuck in a range and is very much held hostage to what’s going on in the bond market, which of course has a major influence on what happens with the US dollar.

Keep all of this in mind, and recognize that we have a bit of a “binary trade” brewing here, as trading on either side of this candlestick makes quite a bit of sense and I do think a lot of technical traders will be paying attention to those levels.

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