Silver Weekly Technical Analysis
Silver markets fell slightly during the trading week, crossing the $20 level, pulling back against the huge green candle from the previous week. Keep in mind that interest rates in the United States rose on Friday due to the fact that the number of jobs was much better than expected. For this reason, the market will likely continue to be noisy in general, so keep that in mind.
If we can break above the $20.50 level on the daily close, the weekly trend will likely move higher, possibly reaching the $22.50 level. Ultimately, this is an area that I think a lot of people would pay close attention to, as it could be a potential target. All things being equal, I think this is a market that, given enough time, will need to make a bigger decision, and the $18 level is almost certainly worth paying close attention to. . The $18 level is an area that had been massive support before anyway.
While the previous week’s candlestick was quite impressive, you have to keep in mind that most of the past week we have seen silver do very little. There was a lot of noise there as traders tried to discern whether or not the Federal Reserve should continue to raise rates. That being said, I think given enough time, we will have to take a bigger step, and if we can break below the low of the candlestick for the last week, we could see the $19 level again, if not the level of $18.
Silver Price Prediction Video for the Week of 08.08.22
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