Weekly Forex Forecast 02/10 :Silver Continues To Pressure

2025-10-02 02:10:42

(MENAFN- Daily Forex)

Silver rallied again during the trading session on Wednesday and should reach the $48 level before pulling back. At this point, the market is likely to continue to look at the $48 level as crucial, and therefore if we were to break above that level it would obviously be very bullish.
Ultimately, this is a market that I think is trying to look at the $50 level, a large, round, psychologically significant figure. However, it's not necessarily going to be easy to get there, and because of the fact that we now have the US government shutting down and not releasing the Non-Foreign Payroll announcement on Friday, we will be missing some information to make decisions on.

Technical Analysis

The technical analysis for this market is obviously very bullish, but we are a little overdone at this point. It's worth noting the volume has picked up quite significantly, so the question at this point in time is whether or not it will be distribution, or if it will be accumulation? At this point, we have been bullish for so long that we are roughly $6 above the 50 Day EMA indicator! In other words, this is a market that is extraordinarily strong, and I don't have any interest in trying to fight the momentum. Quite frankly, I would love to see some type of pullback, perhaps reaching the $46 level for support, possibly even the $45 level.

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On the other hand, if we do just simply break above the $40 level, then the next obvious target is going to be the $50 level, which will bring in a ton of headlines and peripheral interest from financial people around the world, thereby getting things a little bit frothy yet again. While I do believe that this is a bullish market, I do think that you are probably better off trying to find some type of pullback that we can start buying into on a bounce, showing signs of“value” in a very bullish market.

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