Silver Weekly Price Forecast – Silver Markets Finally Break Out

Silver markets broke higher during the week, clearing the $19.00 level finally. This is an area that has been extraordinarily difficult to overcome, so it is not a huge surprise that we would see a little bit of a breather being taken into the weekend. Having said that, if you look at the two previous weekly candlesticks, we had formed a hammer followed by a shooting star. If you remember, I said this normally dictates that we are seen a bit of a range be informed. When she break out of that range of those two candlesticks, then in theory should continue going higher. So far that has been exactly what happened. I fully anticipate that silver will go looking towards the $20 level, but it does not necessarily mean that is going to be easy.

SILVER Video 13.07.20

Everything being said, a test of the $20 level seems somewhat inevitable, but one has to be cautious about trying to get too cute with this, because silver does tend to be very volatile and if you are trading the futures contract, it can be quite expensive. However, if you have the ability to trade smaller contracts, perhaps in the CFD market, then it is a little easier to hang on through all of the volatility. Regardless of what market you are trading though, selling simply is not an option as you will probably get run over. Keeping that in mind, I believe that the market is probably going to continue seeing a lot of chop, but most certainly in the upward direction.

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