Silver Weekly Price Forecast – Silver Continues to Show Signs of Exhaustion at Same Level

Silver Price Forecast Video for 17.04.23

Silver Weekly Technical Analysis

Silver markets have rallied during the course of the week to pressure the $26 level but have failed to break out above there. This is not a huge surprise, considering that the $26 level has been important multiple times. With that being the case and the fact that we formed a bit of a shooting star, I think we are probably ready for some type of pullback. It’s not a huge surprise, considering that this is the fifth green candlestick in a row on the weekly chart, and therefore we are certainly overdone at this point.

As things stand right now, is very likely that the markets will continue to see extreme volatility, but a pullback toward the $25 level probably makes a lot of sense in the short term, perhaps even a pullback to the $24 level. At this point, a lot of people are probably focusing on the idea of industrial demand losing its appeal, as it looks like industry is about to have a rough year. If that’s going to continue to be the case, it’s very possible that we could see a lot of volatility over the next several weeks. If we break down below the $24 level, things could take a decidedly ugly turn, but it remains to be seen whether or not that will actually happen.

Ultimately, this is a market that I think needs a break above the top of the candlestick for the week in order to get bullish again without some type of value offering in the form of a pullback and signs of support.

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