Silver Price Weekly Prediction – Silver Market Dives



Silver Weekly Technical Analysis

Silver fell quite hard during the week, once again showing signs of weakness. The $18 level is a large, round and psychologically significant number, but it is also an area that has been a strong support before. If we break below, we could open the possibility to go down to the $15.00 level. Clearly, this is a very bearish weekly candlestick, and suggests that we need to go deeper in the longer term.

The US dollar continues to be a wrecking ball for almost everything, and silver is particularly sensitive to the value of the US dollar. Interest rates continue to rise and, of course, the Federal Reserve continues to tighten monetary policy. If so, industrial demand is likely to be crushed as we are more likely than not to head into a global recession. If we find ourselves in this recession, it’s hard to imagine silver taking off anytime soon.

However, if the Federal Reserve decides to change its overall tone, we could see a rally in silver, but I think we are quite far from that. For this reason, I think we have a situation where the market is going to continue to be very noisy, but we could eventually see a massive move up into a longer-term “buy and hold” situation once the Federal Reserve turns things around. At this point, we’re still very much in a range, but I think in the meantime, it’s very hard to imagine going bullish in this market anytime soon.

Silver Price Prediction Video for the Week of 17.10.22

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