Silver Weekly Price Forecast – Silver continues to find major support

Silver markets were very noisy during the trading week, breaking down below the $15.50 level at one point. We turned around to form a bit of a hammer, and for the third week in a row we have seen buyers underneath willing to pick this market up. I think that this market certainly has plenty of support underneath, and therefore a buyer from the longer-term perspective. However, I also recognize that it’s difficult to be a buyer of this market with a lot of leverage. Because of this, I think it’s only a matter time before the value hunters return on these dips, and I believe that they are building larger positions, perhaps reaching towards the $16.50 level.

If we can break above there, the next target of course is the $17.50 level, which is massive resistance. This is an area that has been difficult to break, and although I don’t expect that we are going to break above there in the short term, I believe that if we can get above that level, the market could be looking at $18.50, and then perhaps the $20 level after that.

If we break down from here, I believe the $15 level will be a bit of a “floor” in the market, and that’s probably about as far as we go to the downside. Given enough time, this market will find buyers, especially if we can get the EUR/USD pair to turn around at the 1.15 handle.

SILVER Video 06.08.18