Silver Weekly Price Forecast – Silver markets find support

Silver markets have fallen during most of the week but bounce of the for a bit of a hammer as we meander around the $16 level. This is a very positive turn of events, because $16 was an area that I had targeted for support. Beyond that, the US dollar looks as if it is getting ready to lose value again several other currencies around the world, so it would make sense that Silver turned around and rallies. Also, Gold markets look as if they are supported and it looks likely that we will continue to see precious metals make a bit of a recovery, so course silver will come along for the ride.

As for an upward target, I anticipate that $17 will be targeted, maybe followed by $17.50. At this point, this is a market that will continue to be range bound more than anything else, and perhaps the domain of short-term traders. However, if you are a longer-term trader it makes sense to buy silver in its physical form down of these lower levels because it’s and great investment longer-term. I still believe in the validity of silver overall, and in low leverage positions can make for an excellent longer-term instrument.

If we were to break down from here, there’s even more support at the $15.50 level, which extends down to the $15 level. At these low levels, as a longer-term trader on simply looking at it from a value proposition more than anything else and have no interest in shorting.

SILVER Video 09.07.18