Silver Weekly Price Forecast – Silver Bounces After Initial Selloff for the Week

Silver Price Forecast Video for 18.09.23

Silver Weekly Technical Analysis

Silver initially fell during the trading week, but then turned around to show signs of life at the same support level that has been so important for the last 6 months or so. Ultimately, forming a hammer is a very bullish sign and technically speaking, if we can break above the top of it, then it’s likely that silver continues to go higher. Keep in mind that silver has been range bound for some time, and therefore it does make a certain amount of sense that we continue that move until we get some type of decisive action.

It’s probably worth noting that the 200-Week EMA sits underneath, and therefore it does make a bit of technical sense that it would have held as well. On the upside, we could go looking toward the $25.50 level, which is where we had seen a lot of resistance previously. I think at this point, there’s really nothing on this chart that tells me the that the market is ready to change its overall attitude, but if we were to break down below the weekly candlestick, then it is possible that we could drive down to the $20 level on a very negative turn of events.

Ultimately, silver is very volatile so you need to be cautious with your position sizing, but if you can trade the weekly charts, with a reasonable size, then there is an obvious set up that is playing out right now. I do think at this point, the market is likely to continue to see the $20.25 level underneath offer significant support, and the $25.50 level offering massive resistance.

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