Silver Weekly Price Forecast – Silver Markets Show Confusion

Weekly Technical Analysis for Silver

Because there is still a lot of uncertainty on what should be done next, silver markets have been particularly boisterous this week. Interest rates have been all over the place on Friday because Jerome Powell was considerably more hawkish than most had expected. But given that the $18.00 level underneath has remained a crucial support level, a break through there would surely be a very unfortunate development. In such case, I predict that silver will decline to $15.00, or even as low as $12.

The markets are quite likely to hit the $20 level, where a 50-Day EMA is now located, on the opposite side of the equation, should we reverse course and break above the top of the candlestick. A longer-term move to the upside would need a break over $21. The market seems to be quite uneasy right now, which is understandable given that a recession is about to start. Never forget that silver serves both industrial and precious metal purposes.

I don't believe we have a situation now where it's more likely than not going to be a deal where the markets will continue to struggle to cling onto any rise from a longer-term perspective. In that scenario, it's hard to envision that the demand for silver would be significant. Given this, I believe you have a lot of noise but will likely struggle to make longer-term gains.