Silver Weekly Price Forecast – Silver Markets Break Down SignificantlySilver markets initially tried to rally during the week but ran into a significant amount of resistance at the previous uptrend line, showing signs of resistance. This is a horrifically negative sign.
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.
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