Silver Weekly Price Forecast – Silver markets fall through support

Silver markets have a natural proclivity to go back and forth between $0.25 intervals, so this makes analysis relatively simple once we get a definitive move. As we have broken through the $14.50 level, simple inspection on the shorter-term charts show that there is a certain amount of interest at the $14.25 level, and then the $14.00 level. Rallies at this point are not to be trusted, at least not until we test the major support level at $14.00. I believe that area should be rather stringent for support though, so don’t be surprised at all to see us bounce.

SILVER Video 20.05.19

Once we do turnaround, breaking above the $15.00 level will be a major victory. However, there is the possibility that we break below the $14.00 level, which would be an extraordinarily negative sign. If that happens, I believe that this market will probably reach down towards the $13.50 level and I assume would be accompanied by extreme US dollar strength.

Longer-term “buy-and-hold” positions can still work out, and quite frankly I do believe that silver has a bright future down the road, but that is only if you can trade silver with a low leverage or ride out all of the massive amounts of volatility that you would see in a futures contract. Physical silver is still a favorite of mine, and I do like buying it when it dips like this. That being said, for those who are simply trading short-term charts, meaning anything less than a year, it’s obvious that we are falling from here.

Please let us know what you think in the comments below