Silver Weekly Price Forecast – Silver Continues to Have a Lot of Noise

Silver Price Forecast Video for 31.07.23

Silver Markets Technical Analysis

Silver has been very noisy over the last week, as we have tried to break above the $25 level, only to turn around and fail again. That being said, we have seen a lot of upward pressure, so it does make a certain amount of sense that we will continue to have a lot of questions asked of the silver market, due to the fact that the US dollar is so volatile at the moment as well.

If we do break above the $25.10 level, it opens up the possibility of a move to the $26 level. If we break down, the $24 level should offer support, right along with the 50-Week EMA, which sits just above the $23 level. Either way, you should keep in mind that this is a market that will continue to be very difficult, and therefore you need to be cautious with position sizing.

Longer-term, I do think that it goes higher, but I also recognize that the short-term might be very noisy, and therefore I think it’s probably going to be a situation where the market continues to find a lot of “buy on the dips” type of traders, and therefore you need to look at it through that prism. The 50-Week EMA sits right around the $23 level, and I think that is going to continue to be a very important support level. I have no interest in selling the market right now, but then again I think you could probably pick up a little bit of value on some type of dip. Patience will go a long way in this market.

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