Silver Weekly Price Prediction – Another Negative Week for Silver

The price of silver has declined significantly over the course of the week, but it did rise slightly on Friday.

Throughout the week, silver markets have declined significantly, testing the $20 level before reversing course and exhibiting signs of vitality. It is also important to note that the 61.8% Fibonacci level is located right around the $20 level, so it makes sense that the price has rebounded from there. By doing so, it appears that we may experience a small relief rally, but I am unsure as to whether or not we will continue to rise with relative ease. When it comes to industrial demand, which is a significant factor in the silver market, there are many queries that remain unanswered.

Trading Derivatives entails a high level of risk to your capital, so you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors; therefore, you should ensure that you completely comprehend the risks involved and, if necessary, seek independent advice. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be obtained from this website or upon request from our offices and should be reviewed. Raw Spread accounts have spreads starting at 0 pips and a commission of $3.50 per 100k traded. Spreads on standard accounts start at 1 penny with no additional commission fees. Spreads on CFD indices begin at 0.4 points. This information is not intended for residents of any country or jurisdiction where distribution or use would violate local law or regulation. Sourcenia is a review portal of sourcing best manufaturers

If we were to break below the bottom of the candlestick for the week, it is conceivable that we could decline to the $19 level, and then possibly to the $18.50 level after that. If we do rally from here, the 50-Week EMA is located at $21.92 and the 200-Week EMA is located below at $21.52. However, it is likely that we will continue to see quite a bit of erratic behavior, and the fact that we bounced so strongly on Friday does at least offer us a little bit of optimism to move to the upside.

Nonetheless, this is a market that I believe will continue to experience a great deal of volatility, so you should be extremely cautious with your position management. However, it does appear that we are attempting to recover, so it is possible that we will see an attempt to grind higher.

Leave a Comment