Silver Weekly Price Forecast – Silver Continues to Find Buyers on Dips

Silver Price Forecast Video for 12.12.22

Silver Weekly Technical Analysis

Silver has initially plunged during the week, reaching down toward the $22 level, before turning around and showing life again. At this point, the weekly candlestick looks as if it is going to end up being a hammer, so this sets up an interesting set up. If we break down below the bottom the hammer, that would actually be rather negative. It is worth noting that on the daily chart, there is a gap just below the bottom of this candlestick as well, so it would not necessarily turn it into a “hanging man” right away.

If we break above the top of the candlestick, then it’s possible that we could go to the $24 level, eventually the $25 level. Ultimately, this is a situation where you are going to continue to see a lot of noisy attitude, and therefore I think although silver looks very bullish, another thing you need to pay close attention to is the fact that there are 2 major central banks meeting next week, with the Federal Reserve on Wednesday and the ECB on Thursday, and that of course could cause a lot of noise.

After that, you have to pay attention to the fact that there is a lack of liquidity at the end of the year, and that comes into the picture as well. After all, you can have very erratic moves at the drop of a hat during that time of year. One thing that you need to pay attention to his potential industrial demand, because of course silver is also an industrial metal. With that, expect a lot of noise but it certainly looks as if the buyers are in control.

For a look at all of today’s economic events, check out our economic calendar.