FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
21,357,890Confirmed
763,387Deaths
14,151,747Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver Weekly Price Forecast - Silver Markets Break Down Significantly

Silver markets initially tried to rally during the week, reaching towards the bottom of the weekly trend line that had previously been holding this market up. At this point, the market has seen enough exhaustion to turn things around and breakdown rather significantly. This is a huge “risk on moving quote, which has been exacerbated by a little bit of trade optimism along with a blowout jobs figure on Friday. Quite frankly, silver looks like it’s in serious trouble and is going to be approaching the 61.8% Fibonacci retracement level rather soon. If it breaks down below there, this thing could unravel rather quickly. The trend line has been broken and that in and of itself is not a good look. This is especially true consider it has been retested.

SILVER Video 09.12.19

If we do rally from here, it’s very likely that the $17.00 level will continue to cause resistance based upon the large, round, psychologically significant figure, and of course the inability to close above there for the last three weeks. Ultimately, this is a market that could break down towards the $60.00 level, and at this point it’s very likely that as we close towards the bottom of the range for the week, we should see a little bit of follow-through. I also see a cluster at the 61.8% Fibonacci retracement level as well, so at this point there is a real battle I had, and we will see what the longer-term outlook for silver is going forward. The next week or two should be crucial and tell us where we are going longer term.

Please let us know what you think in the comments below

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk