Silver Weekly Price Forecast – Silver find plenty of buyers after initially dipping this weekThe Silver market has fallen quite a bit during the week but has found buyers near the $16.00 level to turn things around and crashed into the 200 week moving average. There is a shooting star from the previous week, and that of course is a negative sign but if we can break above that candlestick, look out as we should take off.
Silver markets have gone back and forth during the week, reaching down towards the $16.00 level underneath. Ultimately, this is a market that will continue to show signs of positivity but I do recognize that there is a lot of noise just above. I think the $17.00 level will continue to attract a lot of attention, and that is more or less a major resistance barrier. Because of this, I think it would be very difficult to break above there but if we do then I think the market continues to go much higher.
SILVER Video 05.08.19
All things being equal I think that short-term pullbacks will be looked at as buying opportunities and I also recognize that the $16.00 level is major support. I anticipate a lot of choppiness but that’s nothing new considering how the markets have behaved as of late. The random tweet, the random headline, and of course the lack of volume this time a year has all contributed to a lot of uncertainty. That will continue to be the case and that could be good for silver, but we have a lot of work to do to get above the $17.00 level above. If we do clear that level though, this market will take off to the upside and go much higher, with the initial target being at least $18.00 after that.
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