Silver Weekly Price Forecast – Silver Has a Strong Week

Silver Price Forecast Video for 28.08.23

Silver Weekly Technical Analysis

Silver has rallied rather significantly during the course of the week, breaking through the 50-Day EMA and reaching toward a $24.50 level. At this point, it looks like we could continue to go higher but we also have to get through the speeches at the Jackson Hole symposium. Once we break the $25 level however, things get a little bit more difficult and it’ll be interesting to see if we can keep up the momentum. If we do, the market could finally break out our reach toward the $30 level, but I don’t think it’s going to be easy to do.

On the other hand, we could get a bit of a pullback and that would make a certain amount of sense considering that we have been consolidating for several months now. The 200-Week EMA is sitting just above the $22 level, making for what I think will be a “floor in the market” going forward. As long as we can stay above there, silver does have a chance to continue going higher over the longer term. However, if we were to break down below that level, it would open up a significant amount of selling in the possibility of silver dropping all the way down to the $20 level before it’s all said and done.

Keep in mind the silver also has major industrial demand attached to it, so a lot of this could come down to the “green new deal” that people are talking about when it comes to the electrification of everything in the United States. That being said, the math doesn’t work out on that so one has to wonder how long this right will continue.

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