Silver Weekly Price Outlook – Silver Drops For The Week

Silver Markets Weekly Technical Analysis

The silver market has fallen pretty significantly this week, dropping at one point, about 5%, but we have bounced a little bit from the 50-week EMA to show that we are at least trying to turn things around. Most of this can be laid clearly at the feet of Jerome Powell as he rattled the markets on Wednesday with his flub of a press conference.

If we break down below the 50-week EMA any time soon, it’s very possible that silver could drop down to the $27 level. However, it does look like on Friday, we are trying to turn things around quite drastically and if that’s going to be the case, then the market is likely to go looking to the $31 level. Anything above the $32 level would be a very bullish sign and obviously could send silver back to the all-time highs.

The only thing I think you can count on in the short term is going to be the idea of massive volatility. And therefore, volatility I think is something that you need to keep in mind with your position sizing. Furthermore, we are in the midst of the holiday season starting next week and therefore you need to be very cautious about your position size due to that as well. I expect a lot of noise, a lot of heartbreak if you get over levered, but I do recognize that we’re still very much in an uptrend and I don’t know if that has changed.

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