Silver Weekly Price Forecast – Silver markets fall again for the week

The Silver markets initially tried to rally during the week but then found a lot of resistance at the $18.50 level. We rolled right back over and formed a very bearish looking candle for the week.
Christopher Lewis
Silver weekly chart, September 16, 2019

Silver markets initially tried to rally during the week but have since broken down pretty significantly as we are below the $18.00 level again. Underneath, there is a gap near the $17.50 level that could offer a lot of support, and quite frankly looking at the weekly chart is very easy to see that we had gotten ahead of ourselves. With all of that in mind I believe that it’s only a matter time before buyers come back, but after forming a massive shooting star during the previous week, it was apparent that the market had gotten far ahead of itself.

SILVER Video 16.09.19

Silver will continue to rally over the longer-term though but pulling back to at least the gap makes a lot of sense. Beyond that, we could even go down to the $17.00 level which is a large, round, psychologically significant figure, and of course the scene of the 50% Fibonacci retracement level which attracts a lot of attention in and of itself. This is a pullback that has been needed, and quite frankly it makes for a healthier uptrend given enough time.

The $20.00 level above is massive resistance, so at this point I think it’s only a matter of time before we try to get there, as markets like to test these areas. A pullback gives us the opportunity to build up enough momentum to make that move, and that’s essentially what we are seeing right now. With the ECB underwhelming with its cuts, it’s very likely that the precious metals markets will continue to get a bit of a pullback and this move makes quite a bit of sense.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.