Silver Weekly Price Forecast – Silver markets fall for the week

The Silver markets had broken down during the week, slicing through the bottom of a hammer from the previous week. This is a bearish sign, and it looks as if we are ready to go lower, perhaps trying to find more significant support. The $15.50 level underneath has been important more than once, and I think that makes sense as a target from here. Silver of course has been very noisy as it typically is, but when you look at the chart you can see we have been drifting sideways, but with a slightly downward slant. I am not looking for some type of meltdown, far from it, but I think that the market certainly has a bit of negativity attached to it.

If we were to break down below the $15.50 level, I would be rather surprised, and I think that would bring in a lot of value hunters. I believe that the market continues to offer plenty of opportunities for value hunters to get involved, especially if you’re willing to own physical silver as it takes a lot of the concerns of leverage out of the equation. With this in mind, I think that longer-term owners of silver will continue to buy on the steps, and therefore I think that’s part of why we have such a strong support level underneath. I believe that the next week or two could be somewhat negative, but eventually we will find value hunters coming back.

SILVER Video 02.07.18