Silver Price Weekly Forecast – Silver Gets Slammed for the Week but Approaching Support

Silver Markets Weekly Technical Analysis

The silver market rallied a bit during the trading week to reach the $32.35 level. However, with a couple of central banks out there this week cutting rates, perhaps there is some concern as to whether or not the industrial demand for silver will continue to be a thing. We are going to be testing significant support fairly shortly from here with the $30 level underneath being a large round psychologically significant figure right along with the uptrend line.

The market is likely going to continue to see a lot of questions asked of this general vicinity and if we reach down to the uptrend line, then the market is likely to see a situation where a bounce brings in more buyers. But if we drop down below the $29.50 level, I think silver is in real trouble. Remember, silver is not gold, and what I mean by that is that industrial influence does make it quite a bit noisier than gold is typically.

Right now, I’m not ready to short it, but this is an area that you need to watch just below because it could be the canary in the coal mine, as it were. The US dollar strengthening is probably one of the biggest issues for silver as well. Gold is behaving a little differently because it’s got other safety related measures built into it as far as the analysis is concerned.

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