Silver Weekly Price Forecast – Silver Tries to Stabilize for the Week

Silver Price Forecast Video for 22.05.23

Silver Weekly Technical Analysis

Silver has seen quite a bit of noise over the last couple of trading sessions, as the week has ended up being slightly negative. However, it’s probably worth noting that the market participants continue to see a lot of questions about global growth and of course protecting wealth. The 50% Fibonacci level sets underneath, and that could very well be a scenario where traders are looking to see if the market will pull back there in order to get long. If we break down below there, then we will have to test the 50-Day EMA.

To the upside, we could see a move higher, but it probably takes quite a bit of effort to turn things around after this selloff. The overall attitude of the market continues to see a lot of erratic behavior, and it is probably worth noting that the silver market also has to worry about global demand for industrial silver, so it is a little bit more difficult at times to put the trade together.

Ultimately, I don’t like the idea of shorting silver quite yet, and I do think that it is probably only a matter of time before the buyers come back in and try to pick things up. If we can break above the $24 level, I will start to put together a position that hopefully will take off to the $25 level. Anything above $25 would allow the market to go much higher, perhaps even to the $26 level. That being said, expect a volatile market, and therefore you will have to be cautious about jumping “all in.”

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