Silver Weekly Price Forecast – Silver Stalls for the Week

Silver Price Forecast Video for 24.07.23

Silver Weekly Technical Analysis

Silver has gone back and forth during the trading week, hanging around the crucial $25 level. Silver has taken a bit of a breather after that massive run during the previous week, so all of this lines up with typical market behavior. All things being equal, I do think that a pullback is healthy, and probably attracts value hunters underneath, especially near the $24.50 level. Underneath there, then you have the $24 level, which has a lot of psychology attached to it.

The alternate scenario is that we break above the top of the weekly candlestick, which opens up a move to the $26 level, an area that’s been important multiple times. Keep in mind that silver is highly sensitive to the US dollar, so you will need to keep an eye on the US Dollar Index and sort out whether or not the greenback is going to go higher or lower. Regardless, I do think that silver will continue to be something that longer-term traders want to be involved in, but finding a little bit of a pullback that offers cheaper silver is probably the best way to go going forward. If we take out the recent high, that could open up a move toward the $30 level.

On the other hand, if we were to take out 50-Week EMA, that probably sends silver much lower, down to the $20 level. The $20 level is where the massive rally began from, but considering how much damage we did to selling pressure last week, it’s likely that silver does eventually find more bullish pressure than anything else.

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