SLV

Silver Weekly Price Forecast – Silver Continues to be Range Bound

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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

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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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