Silver Weekly Price Forecast – Silver Rallies For The Week

Silver Price Forecast Video for 26.12.23

Silver Markets Weekly Technical Analysis

Silver has rallied significantly during the course of the trading week, reaching above the $24 level. The $24 level of course is a large, round, psychologically significant figure that has caused quite a bit of noise, but we are well above it at this point in time. I think we are probably going to go looking toward the major resistance barrier above, in the form of the $26 level. Short-term pullbacks will more likely than not offer buying opportunities, but you need to be cautious getting into the silver market with too big of a position right now.

Underneath, the $23 level is right around the 50-Week EMA, which is a major support level. In general, I think this is a situation where every time we pull back, there will be plenty of buyers waiting to get involved in the market. After all, the Federal Reserve is likely to start cutting rates next year, and that does suggest that the precious metals will continue to see upward momentum. If that’s been the case, then I think a short-term pullback definitely will attract a lot of attention.

In general, this is a market that I think has a hard “floor in the market” near the $22 level, which is near the 200-Week EMA as well. In general, this is a situation where I think you continue to see a lot of value hunters coming into the market every opportunity they get. It’s worth noting that the $26 level has been a bit of a double top recently, and if we were to break above there it’s likely that we would see the silver market take off to the upside.

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