Silver Weekly Price Forecast – Silver Breaks Through Resistance

Silver Price Forecast Video for 05.12.22

Silver Weekly Technical Analysis

Silver markets have truly taken off to the upside this week, breaking for major resistance and seemingly looks ready to continue going to rally from here. In fact, Friday is going to end up being a roughly 7% gain, quite remarkable to say the least. That being said, the biggest problem I have with silver is that it’s almost impossible to hang onto. This is because the market has been manipulated for so many years that the paper market, much differently than the physical market, gets pushed around by J.P. Morgan and others who continue to pay fines every few years, because it does not cost them more than the gain.

The size of the candlestick for the week is rather impressive, and as a result the market will probably have some follow-through going forward. I don’t have any interest in shorting silver at this point, at least not until we get closer to the $26 level. I think short-term pullbacks probably offer buying opportunities, as silver continues to outperform gold. The 200-Week EMA and the 50-Week EMA converge in the same general vicinity, and therefore I think that offers a significant amount of support at the bottom of this candlestick.

If we were to break down below there it would be a catastrophic move for silver, but I just don’t see how that happens easily. I do believe that we probably rally through the rest of the year, perhaps based upon hope of an industrial pickup, but I doubt that’s going to be the case in reality. Regardless, it certainly looks as if the buyers have made their statement. With this, we are probably going higher over the next couple of candlesticks.

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