Silver Weekly Price Forecast – Silver Markets Continue to Hang On to Major Level

The silver markets have shown quite a bit of volatility of the week, reaching towards the $16 level. At this point in time, the market then rolled over to the $15 level where we had seen a lot of support. At this point in time, the $15 level looks to be rather supportive and I do think that there are other steps of support underneath at the $14.50 level, and then again at the $14.00 level. At this point in time, the market looks as if it is willing to adhere by those guidelines, so at this point in time I believe that pullbacks should continue to be buying opportunities.

SILVER Video 04.05.20

At the end of the day, believe that silver is going to continue to lag gold, because quite frankly the industrial demand is not going to be there as things are not being built. Silver has a huge component when it comes to industrial demand, especially when thinking of electronics. The growth economically out there is going to cause a serious issue. At this point in time it looks as if the markets will continue to see a lot of jostling back and forth, and although I am not necessarily looking to short silver, I think that buying it will take an extreme amount of patience, and it should be thought of as a longer-term trade. The $14 level underneath should be the “floor” in the market, so a breakdown below that level could open up the trapdoor.