Silver Weekly Price Forecast – Silver Markets Flex Muscles

Silver markets initially dropped below the $15.00 level but then turned around to show signs of strength again as the market reached towards the $16.00 level. This is a market that continues to see a lot of bullish pressure on dips, and this week of course was no different. With that being the case, if we can break above the $16.00 level it is likely that the market then goes looking towards the $17.00 level yet again. The candlestick is closing towards the top of the range for the week, so that of course is bullish as well.

SILVER Video 11.05.20

Pullbacks at this point should continue to offer plenty of support, as there is a major precious metals trade going on right now with central banks around the world liquefying the markets. That being said, silver does have an industrial use component to it so that does work against it a bit. If we get the idea that the industrial world is suddenly going to pick up, then it is possible that silver will take off as well. Otherwise, the precious metals trade will probably be a bit more sluggish but either way I see this market going higher over the longer term. Keep an eye on your leverage, because if you are to over levered in the silver market, things can get rather ugly in short order. That being said, I have no interest in shorting silver, and I think it is only a matter of time before we rise from these low levels.