Silver Weekly Price Forecast – Silver Markets Continue GrindSilver markets have broken down significantly during the week but have turned around to show signs of life again. $26 level above continues to be resistance.
Silver markets but most of the week following, but at this point in time it looks as if the Friday session is slightly bullish and broke above the 50 day EMA. At this point in time, the market looks likely to see a lot of back and forth in this general vicinity, as markets are trying to figure out whether or not the 38.2% Fibonacci retracement level has offered support. The fact that we have not been able to break down below the massive red candlestick from a couple of months ago tells me that the market is likely to see a lot of volatility. In other words, we have not in follow-through, and that in and of itself suggests that we are going to go higher.
SILVER Video 16.11.20
Breaking above the $26 level opens up the move to the $27 level, possibly then to the $28 level. I do believe that there are a lot of resistance barriers in that general vicinity, and therefore I think what we are looking at is a scenario where the buyers should continue to grind towards the $30 level. I do believe that silver has further to go and if the central banks around the world continue to flood the markets, that should of course drive down the value of fiat currency and then by extension drive up the demand for hard assets such as silver and gold. Ultimately, I think that buying on the dips has been the case for some time. Ultimately, this is a market that I think will revisit the top so if you can be cautious and perhaps slowly build up a position this might be the best way to go.
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