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Silver Weekly Price Forecast – Silver Markets Flatten

Silver markets went back and forth during the course of the week, showing signs of neutrality as we have bounced from an uptrend line, and perhaps even more importantly the 200 week EMA.
Christopher Lewis
Silver weekly chart, November 25, 2019
Three silver bars of different weight. The surface of cast silver bullion

Silver markets went back and forth during the week, as we continue to have a lot of push and pull when it comes to risk appetite. All things being equal, it’s difficult to gauge where we go next with any clarity unless you are willing to look at the “big picture.” So far, we are still in an uptrend line following move, but the breakdown candlestick from a couple of weeks back is rather concerning. While we could bounce from here, and it certainly wouldn’t surprise me, the fact that we have broken down so hard two weeks ago normally means that at the very least you have a lot of work ahead of you to go higher.

SILVER Video 25.11.19

Keep in mind that silver is also a metal that use for industrial purposes, so it has a couple of different factors that can come into play. It’s not only a precious metal, but sometimes it used to suggest global growth as well. With that, I suggest that it is probably more or less going to be a precious metal play at the moment, but obviously they can change. If we can break above the top of the candlestick from the week, I suspect that the market is going to continue to go towards $18.00 above, but it may take several weeks to get there. All things being equal, if you are a longer-term traders going to take a significant amount of patience to play the silver market. In fact, small positions or even physical silver might be the best way to deal with that right now.

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