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Silver Weekly Price Forecast – Silver Has A Positive Week

Silver markets rallied a bit during the week, reaching towards the $17.25 level. By doing so it shows that silver is somewhat resilient still, but we are underneath a major uptrend line.
Christopher Lewis

Silver markets have rallied a bit during the trading session on Friday to complete a green candle for the weekly candlestick. It has been relatively quiet though, so at this point it looks as if the market is starting to drift to sleep as we head into the holiday season. Ultimately, the previous uptrend line should offer resistance, so therefore it will be difficult to break above that level in the short term. However, we could just simply be consolidating as the chart could show. Ultimately, the market will probably grind back and forth overall as we start to pay attention to the US/China trade situation again. Recently, they have agreed to agree, but not much more than that.

SILVER Video 23.12.19

We are above both the 50 and the 200 week EMA indicators, so having said that it is technically somewhat bullish but I think that the market has quite a bit of support underneath, but if we get some type of major move in relations between the Americans and the Chinese in a positive light, that will probably put negative pressure on this market. The opposite of course is true and with the lack of volume this time of year it’s difficult to imagine that anything else would move the market. There is also a significant barrier at the $18 level, meaning that the breakdown candle from that level getting sliced through to the upside it would be very bullish and could send this market much higher. It is worth noting that we have bounced from the 61.8% Fibonacci retracement level so that of course is a good sign in and of itself. By breaking through their to the downside, that would kill the trend.

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