Silver Weekly Price Forecast – Silver Continues to Show Choppy Behavior

Silver Price Forecast Video for 01.05.23

Silver Weekly Technical Analysis

The silver market continues to show a lot of hesitation as we are hanging out just above the $25 level. Ultimately, the silver market continues to deal with a previous consolidation area that has been very difficult to overcome, and therefore I think it makes a lot of sense that we would see this as a situation where a lot of consolidation continues, as silver has been so bullish for so long. After all, markets cannot go straight up in the air forever, and therefore one would have to think that it’s probably only a matter of time before we see a little bit of a reprieve.

Ultimately, this is a market that I think continues to see a lot of questions asked of this area, and therefore at the very least I would anticipate a pullback in order to attract more buyers. Furthermore, next week we have the Federal Reserve coming out with an interest rate announcement, therefore a lot of people will have to pay close attention to what Jerome Powell has to say. Ultimately, this is a market that continues to see a lot of volatility, and therefore it would not be surprising at all to see shorter-term choppy behavior overtake the market.

The $24 level is the epicenter of a major consolidation area during the winter, and I think it could offer a major support level. Ultimately, any pullback toward that area probably gets bought into. However, if we were to break down below the $23 level, then I think the silver market could very well drop rather significantly, perhaps as low as $20. All things being equal, I suspect this is more or less going to be a situation where market participants continue to look for value on dips.

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