Yahoo Finance Silver Weekly Price Forecast – Silver Markets Continue to Attempt to Stabilize
Silver Weekly Technical Analysis
Silver markets have been all over the place during the course of the week, as we are now below the $22 level. At this point and looks like the $22 level continues to offer significant resistance, and therefore it is probably worth paying close attention to that level as it has been so important as of late. When you look at the weekly chart, you can see that we are forming a big “H pattern”, and therefore it looks like we may have further downside eventually. However, we are not there quite yet, so I think we continue the range-bound behavior in the short term.
If we were to break down below the low of the week, it’s likely that silver will attempt to get down to the $20.00 level. That is a large, round, psychologically significant figure, and an area that a lot of people will pay close attention to. If we were to give up that area, then it’s possible that we go down to the $18.00 level as well. When you pay close attention to the US Dollar Index and its negative correlation, I can give you a bit of a “heads up” as to where this market may go, as that correlation has been so strong. If the US dollar strengthens, it does a lot of negative things to silver, and vice versa.
If we were to turn around and break above the $22.00 level, it’s likely that silver could try to reach the $23.50 level next. Either way, silver is going to be volatile, especially as it has a major industrial component built into it as well.
Silver Price Forecast Video 27.06.22
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This article was originally posted on FX Empire
