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Silver Weekly Price Forecast – The Silver Market Has a Slight Pullback

By:
Christopher Lewis
Published: Aug 5, 2022, 17:11 GMT+00:00

The silver market has drifted a bit lower during the trading week, especially as the Federal Reserve has even more pressure to raise rates.

Silver FX Empire

In this article:

Silver Weekly Technical Analysis

Silver markets have fallen a bit during the trading week, slicing through the $20 level, pulling back against the massive green candle from the previous week. Keep in mind that the interest rates in the United States have spiked on Friday due to the fact that the jobs number was much better than anticipated. Because of this, the market is likely to continue being noisy in general, so please keep that in mind.

If we can break above the $20.50 level on a daily close, then the weekly trend will probably shift to the upside, perhaps reaching to the $22.50 level. Ultimately, that’s an area where I think a lot of people would be paying close attention to, as it could be a potential target. All things being equal, this is a market that I think given enough time will have to make a bigger decision, and it is almost certainly worth paying close attention to the $18 level. The $18 level is an area that previously had been massive support anyway.

While the candlestick for the previous week was rather impressive, you should keep in mind that most of this past week, we have seen silver do very little. There has been a lot of noise out there as traders have tried to discern whether or not the Federal Reserve would have to continue raising rates. That being said, I think given enough time we will have to make a bigger move, and if we can break down below the bottom of the candlestick for this past week, we may revisit the $19 level, if not the $18 level.

Silver Price Forecast Video for the Week of 08.08.22

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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