Silver Weekly Price Forecast – Silver Markets Dropped Drastically

Silver Price Forecast Video for 27.02.23

Silver Weekly Technical Analysis

Silver markets have initially tried to rally during the trading session on Monday, but then turned right back around to show signs of weakness for the rest of the trading week. We sliced through the 200-Week EMA, which of course is a negative sign, and then of course we sliced through the 50% Fibonacci level out the $21.12 level. By breaking through there, it certainly looks as if we are going to continue to go lower. The 61.8% Fibonacci level sets out the $20.24 level, and that could very well be our next target.

The $20 level underneath is a large, round, psychologically significant figure, and we will have to pay close attention to it. That might be our eventual target, but I would anticipate that it’s going to be noisy on the way down, which of course makes sense considering that silver is extraordinarily volatile under the best of circumstances. With that in mind, I think that we need to be very cautious with  position sizing, but it certainly looks as if it is a “fade the rally” type of market.

After all, we broke through a hammer from the previous week, which is generally a very negative sign. That hammer bounced directly from the 50% Fibonacci root level, so under most circumstances, traders will look at that as a positive technical setup. Some of my best trade signals are actually busted signals. This is a perfect example of it, but I don’t necessarily think that silver is going to collapse, just that there is going to continue to be a significant amount of pressure upon the market overall.

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