Silver Weekly Price Forecast – Silver Slams Into Resistance

Silver Price Forecast Video for 04.09.23

Silver Weekly Technical Analysis

Silver has rallied most of the week, but the Friday session was a bit tough. It looks like the $25 level will continue to cause a lot of problems, and if we can break up the top of the weekly candlestick, then it’s possible that we could go looking to the $26 level. Obviously, breaking above the top of the shooting star would be a very bullish sign, and could send this market much higher.

Silver is testing the top of that range that we have been in, and therefore I think you have to look at it through the prism of whether or not we can pick up momentum. It’s also worth noting that Monday is Labor Day in the United States, so the actual silver futures markets will more likely than not be very thin when they finally do open late in the day.

This is probably going to be all about the US dollar and whether or not it can sustain higher yields, which we are starting to see dissipated. If those yields continue to drop, that should be good for silver and other metals as well. Underneath, the $23.28 level features the 50-Week EMA, and then of course we have the $22 level which is basically where the 200-Week EMA resides, making it the bottom of the range that I have marked on the chart. Now the question is whether or not we can break out of this range, or are we stuck in it yet again?

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