Silver Weekly Price Forecast – Silver Looking Tired

Silver Price Forecast Video for 09.01.23

Silver Weekly Technical Analysis

Silver has gone back and forth during the course of the week to show signs of exhaustion right around the $24 level. Keep in mind that the markets will continue to be noisy as we try to stretch higher, but it’s worth noting that there’s a lot of structure just above, they could come into the picture and cause a bit of a pullback. Even if you are bullish on silver, a little bit of a pullback would not necessarily be the worst thing. After all, we have been rather relentless on the way up, and choppy at the same time. In other words, this has been very difficult to say the least.

If we break down below the $23 level, then it’s possible that we could go down to the $22 level, which on the daily chart shows a nice gap that has yet to be filled. Because of this, I suspect that we’ve got a scenario where you will be looking to pick up bits and pieces of value when it occurs, and going long. As long as we stay above $22, I think this market remains bullish, although I think we have just gotten to where we are a little too quickly.

Just above, the $25 level offers significant resistance to the $26 level, so I really would prefer to see a little bit of a pullback and some building of momentum in the next few candlesticks. Part of what you are seeing on the weekly candlestick is the reaction to the Non-Farm Payroll number on Friday, which completely reverse the overall momentum of the week as it looked rather dire on Thursday.

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