Silver Weekly Price Forecast – Silver Markets Reaching Towards Major Support

When you look at the silver weekly chart, you can see that we are almost certainly going to test the support level underneath, which is at roughly $21.75 or so. That is an area that I think needs to hold, because quite frankly if it does not hold, it would be a major breakdown in support, and I believe at that point in time silver would go looking towards the $20 level underneath. If we break down below the $20 level, then it is possible that we could go looking towards the $17 level after that. Obviously, we need to pay close attention to the US dollar, because it will have a certain amount of influence on this market as well, and therefore we need to pay close attention to the greenback.

SILVER Video 23.08.21

To the upside, we would need to see the US dollar fall while simultaneously breaking above the candlestick from the previous week, which of course was a hammer. It has not been violated to the downside yet, so in theory it does suggest that we are going to go higher. At that point in time, we could go looking towards the $28 level above, as we have gotten there are multiple times. This is a market that has been going back and forth for a while now, and I think we will continue to see a lot of choppy behavior. Nonetheless, the market needs to be very cautious with large position sizes, as silver does tend to be very volatile to say the least. Ultimately, this is a market that looks very threatened.

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