Silver Weekly Price Forecast – Silver markets find support during the week

Silver markets fell initially during the week but found enough support at the downtrend line that makes up the bottom of the falling wedge. The falling wedge is typically a very bullish pattern but you need to break above the top downtrend line to get that signal to kick off. At this point though, it certainly looks as if we are going to make an attempt at doing that.

SILVER Video 29.04.19

To trade this market, you will need to be very patient, and recognize what’s going on with the US dollar. If the US dollar is losing value, that quite often will help silver overall. A break above the downtrend line just above technically signals that were going back to the $16.00 level but obviously that’s a huge move, and it will take some time to get there. All things being equal, I’m a buyer of silver on that move. However, if we pull back in break down below the tale of the hammer for the weekly candle stick, that would be extraordinarily bearish and I think open up the market to reach out to the $14.50 level, followed by the $14.25 level. Underneath that, then you’re looking at the $14.00 level next. This market continues to be very tight, and highly sensitive to what’s going on with the greenback. Ultimately, this is a market that will make a significant move by the end of the week, so I will be paying quite a bit of attention to it.

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