Silver Weekly Price Forecast – Silver markets continue to fluctuate behavior
silver markets It has been going back and forth during the week, showing signs of indecision as we sit between the $22 level below and the $23 level above. The candle is rather neutral so it shows some confusion, and of course it will still be choppy. In fact, the hammer from the previous weekend and the inverted hammer from the one before it shows just how confused we are. Keep in mind that the silver market is very volatile, and of course it has a significant negative correlation with the dollar.
Silver Video 11.10.21
If we break below the bottom of the hammer from last week, I think silver will most likely head towards the $20 level. On the other hand, if we turn around to break above the $23 level on the daily close, then it is possible that we will go towards the $24 level. The 50-week moving average is currently at around $24.50 and is sloping lower, so it makes sense that we are essentially “trapped” in this aggregate territory. However, once we get some kind of momentum, it is very likely that we will move larger in one direction or the other.
However, the market has a lot of fear hidden in it as a question of whether or not we will continue to reopen and claim these types of goods, or whether or not there are problems in the future that could send prices. Pay close attention to the US Dollar Index, which is very negatively correlated with the chart.
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