Silver Weekly Price Forecast – Silver Markets Explode to The UpsideSilver markets have broken significantly to the upside during the week, reaching towards the $17 level.
Silver markets have exploded to the upside during the week, initially pulling back but then smashing through the $16.00 level. That was the first sign of extensive bullish pressure, but the real fix was on Friday one the market simply shot straight up in the air, gaining 4% premarket. Ultimately, this is a market that is going to continue to look at the $17 level, an area that was previous support. This is an area that will attract a lot of attention, so therefore I think at this point in time Silver markets have proven themselves to be bullish. Now that we are here, it is highly likely that we will continue to see buyers try to take advantage of “cheap silver.”
SILVER Video 18.05.20
At this point in time, the candlestick looks extraordinarily strong and of course is being closed that the top of the range, so that is obviously a good sign. Nonetheless, I like the idea of going long of precious metals, but quite frankly silver is probably simply trying to play catch up to the gold market. If that is going to be the case, then silver has a bright future ahead of it. However, silver is highly levered to the industrial sector as well, and therefore it is likely that the silver market could get the occasional upset, but those upset give us an opportunity to pick up silver “on the cheap.” I think the $16 level underneath should be rather supportive, and therefore I will be very quick to add to the position if we go lower. Having said all of that, gold is a much more solid investment as it is closer to the highs.