Silver Weekly Price Forecast – Silver Continues to be Range Bound -

Silver Markets Weekly Technical Analysis

As you can see, we have pulled back during the week, and it looks like the market is going to continue to see a couple of levels as being important. The $23.50 level above is a significant barrier and if we pull back from there like we have, then it just shows we’re not ready to break out yet. Underneath we have the $22 level, and that will of course offer quite a bit of support as we have seen it multiple times in the past. So, I think you’ve got a situation where we’re just going to bounce around between $23.50 and $22, which I think is like a major floor in the market as things stand.

I like the idea of taking advantage of these swings as they occur, but right now we’re just like right in the middle of all of this, and I think it’s difficult to get overly aggressive. I’m much more aggressive closer to the $22 level just simply because it offers value, and that’s how you have to look at this. If we can turn around a break above the $23.50 level, then $24.50 is your next target. All things being equal, this is a market that I think will eventually break out, but in the short term it’s very likely to continue being range bound more than anything else. I like buying dips, but I also sell rips as they occur, as silver does tend to be very choppy to say the least.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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