Silver Weekly Price Forecast – Silver Continues to Consolidate

Silver Price Forecast Video for 10.07.23

Silver Weekly Technical Analysis

Silver has gone back and forth during the course of the trading week, as it looks like we are hanging about the 50-Week EMA. It’s also worth noting that the 61.8% Fibonacci level underneath has offered support, and therefore it will be interesting to see if it continues to do so. The $22 level underneath is massive support, breaking down below that level then has the market breaking below the 200-Week EMA, perhaps sending the market down to the $20 level.

On the other hand, if we were to turn around and take out the top of the weekly candlestick, we could go looking to reach the $24.25 level, perhaps even reach toward the $25 left. After that, then we have the $26 level, an area where we had sold off from quite drastically. That being said, the candlestick for the week shows quite a bit of indecision, which unfortunately for the bullish traders wasn’t exactly what they wanted to see. We have had a couple of massive negative candlesticks over the last couple of months, so you still have to wonder whether or not the buyers can turn this market around. That being said, I believe that the $22 level is the most crucial spot on this chart, and if we can stay above there, we should be in good shape.

Ultimately, I think this is the market that will continue to move with a negative correlation to the US dollar, which is exactly what we had seen during the course of the week, and therefore I think this is the most important thing to pay attention to going forward.

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