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

Silver markets initially tried to rally during the week, reaching towards the bottom of the uptrend line. The market has rolled over from there and it looks very likely that we continue to see a lot of trouble in this area, with the $15 level underneath offering massive support. If we break down below the $15 level, then the market is likely to go even lower, perhaps reaching towards the $14.50 level, possibly even the $14 level after that.

SILVER Video 01.04.19

To the upside, if we can break above the top of the candle stick for the week, then the market is likely to go much higher, perhaps reaching towards the $16 level. That’s an area that of course will cause a significant amount of resistance based upon recent actions, but I think it would be extraordinarily bullish of silver to break up in that direction. With that in mind, I think we continue to trade short-term more than anything else in this overall range between $15 and $15.50.

Longer-term traders will need to see this range blown through in order to put things to work for larger moves. I believe at this point the global situation is still rather precarious, so Silver of course will be very erratic as it tends to act this way when we don’t know what’s going on globally, and of course the greenback can’t stop bouncing around overall. Longer-term, this is a neutral chart until we break out of this $0.50 range.

Please let us know what you think in the comments below