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Silver price Prediction for next week together we a brief summary of what happened this past week.

Today is Sunday 28th November 2021 and we are looking at what is happening to silver and gold this past week and what we may expect next week. So let’s Take a Look.

Gold & Silver Weekly Update for w/e 26th November 2021 – Silver Crashes Again!
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This past week we saw gold fall some $53 from $1846 to $1793 having been as high as $1,849 and as low as $1779. For the week it fell some 2.8%

Silver fell $1.46 falling from $24.61 to $23.15 having hit a high of $24.91 and a low of $22.94. Silver fell 6% a sharp contrast to gold’s 2.8% and causing the gold to silver ratio to rise from 75:1 to 77.5:1

For silver we have strong resistance at or near the $24.50 level and tepid support at $23 and frankly would not be surprised if we saw silver heading for $22 again.

Geopolitically we still have to keep an eye on Russia and Ukraine and continuing tensions between the US and China – in addition there are threats by the EU for sanctions on Russia which will also add some spice to prices in the coming weeks.

We could see that last week silver was in almost permanent decline from Monday onwards and the news announcement about the new covid variant simply sealed its fate.

Where are prices likely to go this coming week will depend in large part to how markets perform on Monday and whether the fear and likelihood of further lockdowns are estimated to thwart future economic growth plus the data being published later in the week which will give us an idea on the trajectory the US economy is currently embarked on.

Needless to say silver is not out of the woods yet and whilst we should be seeing a resurgence we suspect silver will move rangebound but within a relatively wide spectrum of a few dollars and possibly early on towards the lower end of that spectrum.

On that basis we envisage silver next week really trading between $22 - $25

But would not be surprised to see in the coming weeks it even dip as low as $20 – should the fear spread and further lockdowns are introduced across Europe, the UK and the Western World in general. There are already a number initiated in China and other countries are considering their policies too.

What do you think do share your thoughts?


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