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    Silver Price Forecast

    Abstract:Silver price is heading back to August low?

      Silver prices are now approaching their worst performance since June 17, which preceded a one-month long sideways move before another drop lower. These are ominous signs for silver prices.

      SILVER PRICE TECHNICAL ANALYSIS: DAILY CHART

      At the start of September, silver prices were making an attempt to climb through the descending trendline from its summer swing highs, but a false bullish breakout materialized. The latest drop in silver prices has seen a return to the 38.2% Fibonacci retracement of the 2020 low/2021 high range at 23.0713, setting up the potential for its lowest close of the year.

      Silver prices are falling below their daily 5-, 8-, 13-, and 21-EMA envelope, which is quickly aligning in bearish sequential order. Daily MACD is trending lower while below its signal line, while daily Slow Stochastics are slumping back towards oversold territory. A return to the August low at 22.1020 appears likely in the near-term.

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      SILVER PRICE TECHNICAL ANALYSIS: WEEKLY CHART

      In early-August, it was noted that “failure to return into the ascending triangle this week would increase the likelihood of a deeper setback, potentially as far as the 23.6% Fibonacci retracement of the 2011 high/2020 low range at 20.6500.” A loss of the August low at 22.1020 would increase the odds of a return to the 23.6% Fibonacci retracement.

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    • Australia Dollar
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    • Euro
    • British Pound
    • Hong Kong Dollar
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    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
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