Silver Weekly Price Forecast – Silver markets find massive support for the week

Silver markets broke down during the week, slicing through the $15.00 level without too much in the way of resistance. However, we turned around to break back above the $15.00 level, and of course it is a very bullish sign as we have now formed a hammer. The hammer of course is one of the most bullish sign that you can form, and the fact that we are at the $15.00 level, which obviously is a large come around, psychologically significant figure, I believe at this point we are starting to find value hunters coming back into the Silver markets to pick it back up.

SILVER Video 08.04.19

If we did break down below the bottom of the hammer, that of course would be a very negative sign but I think the absolute “bottom” is at the $14.00 level. Don’t get me wrong, although it is very bullish looking at the moment, I also recognize that there is a lot of resistance above. The $15.50 level is the initial major resistance barrier, and then at this point we could go to the $16.00 level where I think there’s even more resistance. In general, this is a market that I think is going to be somewhat choppy, but I do like the longer-term outlook for silver as the US dollar should start to lose some of its luster. As the greenback is over abundant, it makes sense that precious metals should continue to find a bit of a bid, and both the silver and gold markets.

Please let us know what you think in the comments below