Silver forecast for the week of August 14, 2017, Technical Analysis

Silver markets broke higher during the week, forming a very bullish engulfing candle. While this is normally a very strong sign, I am starting to see a bit of weakness on Friday, and I think that if we break down below the $17 level, the market could very well drop from here. This has been driven by North Korean and American comments, and therefore I don’t think has any real strength. Quite frankly, the market looks likely to roll over. However, if we break above the top of the candle for the week, the next target will be $17.50, and then eventually the $18 level. All things being equal though, I’m starting to see some weakness in the gold market on Friday, and that suggests to me that perhaps we are gonna see precious metals roll over a little bit.