Silver Weekly Price Forecast – Silver Threatening to Break Out

Silver Price Forecast Video for 27.11.23

Silver Weekly Technical Analysis

Silver continues to look very promising, but it also has a significant amount of resistance just above. Around the $24 level in the futures market sees a lot of resistance, so that’s a barrier that needs to be overcome in order for silver to truly take off to the upside. If and when it does, I suspect that somewhere around the $25.50 level will be the next target.

In the meantime, short-term pullbacks should be buying opportunities based upon value, and of course we have the 50-Week EMA and the 200-Week EMA moving averages underneath offering a little bit of support, despite the fact that they are flat. I think we are more likely than not going to see a lot of choppiness between now and the end of the year and therefore you need to be cautious with your position sizing until we finally do get that break out. I have no interest in shorting silver at the moment, at least not until we break significantly below the $23 level, and at this point in time it doesn’t seem very likely that the market is going to suddenly fall apart.

If interest rates fall in the United States, that could be more fuel for silver to rally from here, but there are also other concerns when it comes to industrial demand, and of course geopolitical concerns which have a significant influence on precious metals markets. Silver is noisy under the best of circumstances, and right now we don’t have the best of circumstances, meaning that things could get somewhat ugly. Expect choppy behavior, but still keep an eye out for the move higher.

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