Silver Weekly Price Forecast – Silver Takes Off

Silver Price Forecast Video for 17.07.23

Silver Weekly Technical Analysis

Silver has taken off like a rocket during the course of the week, breaking above the $24.50 level, opening up the possibility of a shot to the $26 level, an area where the market has seen quite a bit of pressure previously. Keep in mind that silver is highly sensitive to the US dollar in a negative correlation, so therefore I think you have to pay close attention to the US Dollar Index. As inflation came in cooler than anticipated this past week, you can see silver really took advantage of that US dollar weakness.

Underneath, the 50-Week EMA continues to offer support, as we launched from it. As long as we can stay above there, you have to believe that a short-term pullback probably attracts buyers looking to take advantage of “cheap silver.” If we were to break above the $26 level, silver could really take off, it is probably worth knowing that this impulsive candlestick has wiped out quite a bit of negative pressure in a very short amount of time, so this suggests that markets could continue to go higher.

It’s also worth noting that the 50% Fibonacci level is where we took off from, but the absolute low of the pullback was closer to the 61.8% Fibonacci retracement level, an area that a lot of people will pay close attention to. All things being equal, I think we continue to see a lot of choppy behavior, but given enough time we can probably take off even further. Wealth preservation has been one major driver, but as it looks like the market is betting against the Federal Reserve now, that should help silver rally.

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