Silver Weekly Price Forecast – Silver markets break out

Silver markets broke higher during the week, especially on Friday when we started to see cracks in the US economy. As the jobs number was at less than anticipated, and of course the Federal Reserve has changed its tune, it makes sense that precious metals start to pick up a bit of a bid.
Christopher Lewis
Silver weekly chart, June 10, 2019

Silver markets rally during the week, slicing through the vital $14.85 level, and then the $15.00 level. By doing that, we have ripped through a lot of resistance. At this point in time it’s very likely that the silver market will follow right along with the gold market to the upside, but we figured it should be noticed is that we had formed a hammer during the previous week, and have now broken through that downtrend line, both of which are very positive signs.

SILVER Video 10.06.19

With the Federal Reserve suggesting that they were open up to the idea of more monetary policy adjustments, it makes sense that the greenback has been sold off a bit against other currencies around the world and of course silver. Ultimately, the greenback was supposed to be the most stable currency in the world, as the Federal Reserve was the only central bank to was looking to tighten its situation. However, that has changed during this past week, and it makes sense that the precious metals and foreign currencies have all been beneficiaries at the hands of the greenback.

To the downside, I wouldn’t be interested in shorting this market quite yet, and I believe that the $14.85 level should offer plenty of support. However, if we break above the top of the candle stick for the week, I would also be a buyer as it is where the 200 day EMA sits.

Please let us know what you think in the comments below

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