Silver Weekly Price Forecast – Silver Continues to Look Soft

Silver Price Forecast Video for 13.02.23

Silver Weekly Technical Analysis

Silver markets have gone back and forth during the course of the trading week, as we are hanging about the $22 level. This is a market that I think will continue to be noisy, because we have seen such a major pullback. When you look at the charts, you can see that this area has been resistance, so therefore I think it should be support on the way back down. I think at this juncture, we are more likely than not going to see a bit of a fight, and a short-term bounce would not be a huge surprise. This is a scenario where we are trying to determine whether or not the uptrend can continue, but we need to break above the top of the weekly candlestick that we just printed. If we do, then maybe we could go to the $24 level.

If we break down below the 200-Week EMA near the $21.50 level, then I think we could continue to break down toward the $20 level. This would almost only be due to US dollar strength, but it does not necessarily have to go hand in hand that the dollar rises and silver falls. This scenario is one of noise, and therefore I think you have to be cautious with your position sizing, but that’s probably true anytime you are trying to trade silver. In the short term, do not be surprised at all to see some sideways action, therefore you may have to go back to the daily charts, or perhaps even shorter time frames than that. Either way, protect your account in this environment.

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