Silver Weekly Price Forecast – Silver Markets Continue To Show Plenty Of VolatilitySilver markets have been all over the place during the week as we have seen a lot of noise coming out of the Middle East, and that of course will continue to show signs of both fear and calm.
Silver markets went back and forth during the course of the week, eventually settling on a relatively unchanged candle. By forming the massive shooting star that we have, it shows that the previous uptrend line is in fact trying to keep this market down. If we can break down below the bottom of the candlestick then it’s very likely that the silver markets will pullback, perhaps even as low as the $17.00 level. Otherwise, if we can break above the $19.00 level, that would be an extraordinarily bullish sign and could send this market looking towards the $20.00 level above, which is just above where we are been beaten back.
SILVER Video 13.01.20
The question now is whether or not the shooting star becomes a “lower high” than the recent one from a couple of months ago. It’s a bit early to determine that but clearly this is a significant amount of resistance that we are running into. If we get more of a “risk on” type of market, then it’s very likely that silver markets will roll over and go looking towards the previously mentioned $17.00 level. All things being equal, it’s very likely that we are probably going to see more chop back and forth than anything else. With volume coming back next week as traders came back from the holiday, we may get a bit more clarity over the next couple of candles. Ultimately, this is a market that continues to see a lot of volatility and is at the very least a bit of her stretched in the short term.
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