Silver Weekly Price Forecast – Silver markets all over the place

Silver markets had a rough week, ultimately settling on a hammer like candle stick. While this is a bullish sign, it doesn’t tell the whole story.
Christopher Lewis
Silver weekly chart, June 17, 2019

Silver markets fell rather hard during the early part of the week and then shot to the upside. We ended up breaking above the $15 level on Friday, and then turned around of form a bit of a shooting star. Ultimately, this is a market that has no idea where to go, because while the candle stick does look somewhat bullish on the weekly timeframe, the reality is that the daily chart has shown so much in the way of resistance at the $15.00 level that although this candlestick is somewhat bullish looking, but the reality is that the market has no idea where to go next.

SILVER Video 17.06.19

If you think about it makes quite a bit of sense as the silver market is both an industrial metal as well as a precious metal. With that being the case, it will react to conflicting pressures, meaning that we could see both buyers and sellers depending on whether or not theirs global demand for industrial metals, or if there’s a rush to safety. Beyond that, the US dollar comes into play as well, so of course it makes sense that we are jittery. That being said, if we break above the top of the range for the weekly candle stick, then you have to believe that we are going higher. Ultimately, if we break down below the bottom that is probably a very negative sign as well, perhaps sending this market towards the $14.50 level, maybe even the $14.00 level after that. All things being equal, keep your position size small because it is so much in the way of danger just waiting to happen.

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