Silver Weekly Price Forecast – Silver Markets Continue to Test Bottom of Triangle
Silver markets have initially tried to rally during the course of the trading week, but then broke down to reach towards the bottom of the ascending triangle. At this point, the market continues to see plenty of buyers underneath from what I can tell, as the $26 level has been crucial for some time. Beyond that, we also have the 50 week EMA and the uptrend line from the ascending triangle. What I find interesting about the psychology of these candlesticks is that the massive selloff met with stabilization. A month ago, the market fell apart, but we have since then been very quiet and sideways with a slightly upward tilt. Sometimes the market screams, sometimes it whispers. At this point, it looks like it is whispering that it wants to go higher.
SILVER Video 12.07.21
If we can break above the top of the weekly candlestick, then I think we go looking towards the $28 level. The $28 level has been important more than once, and it seems to extend to the $30 level as far as resistance is concerned. In other words, it is going to take a ton of effort to get through there. However, if we can get above the $30 level, it becomes very possible that we go looking towards the $50 level. This at least has been the historic norm every time we break that level. To the downside, I have no interest in shorting this market until we break below the $25 level, which would negate the entire ascending triangle and therefore throw the pattern and structure of the market into complete disarray.
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