Silver Weekly Price Forecast – Silver Markets Break Down DrasticallyThe silver markets broke down rather drastically during the trading week, starting out above $17, only to end up below $15 during the Friday session.
The silver markets initially tried to break a little bit higher on Monday, but then sliced lower. At this point, the $16.50 level was thought to be support, but it was sliced through like it wasn’t even there. Ultimately, this is a market that shows quite a bit of negativity and it simply cannot be bought at this point. There will probably be a brutal bounce at one point or another, but at this point in time those are to be sold into as there is going to be a very negative headwind when it comes to silver as there will be no industrial demand in the short term. Furthermore, there is no inflation so the precious metals aspect of silver it doesn’t help out either.
SILVER Video 16.03.20
The next target will be $14.50, which we could get to by the time you see the video. After that, the next target will be the $14.00 level. Eventually, I think silver is going to be a great investment, and that’s why I buy it in its physical form, so that a two dollar loss isn’t massive. Silver is extraordinarily volatile, so keep in mind that the move to the upside could be just as violent as the move to the downside has been. Either way though, you simply cannot try to catch the falling knife at this point as the candlestick is so brutal and deadly looking. With this, I remain negative on silver over the next couple of weeks but realize sooner or later gets cheap enough that people will step back in and start buying again. I anticipate it might be closer to $12.