Silver Weekly Price Forecast – Silver Markets for Massive Hammer

Silver markets have broken down significantly during the course of the week, crashing on Monday morning, but you can see we have turned around to show signs of stability. Because of this, the market is looking at this candlestick as a potential sign of stability. If we break above the top of the candlestick for the week, then it is likely that we could go looking towards the $26 level, and then possibly even higher than that.

SILVER Video 16.08.21

The ship the candlestick is obviously supportive, but if we were to break down below the bottom of it is likely that this market could slice through the $22 level. If we breakdown through there then it is likely that we could go looking towards the $20 level, but this would obviously have a lot to do with what is going on with the US dollar. If the US dollar strengthens significantly, then it makes quite a bit of sense that precious metals will suffer as a result, silver being no different than gold in that aspect.

There is the industrial demand equation part of where pricing goes, as silver is much more industrial than precious these days, but it is also worth noting that industrial numbers in China have not necessarily been strong, or at least seem to be slowing down. If that continues, then silver may underperform gold at the very least, which we have seen happen this week already. The market certainly remains very volatile, so you will have to be cautious about the size of your position, as silver does seem to show quite a bit of noisy trading more often than not.

For a look at all of today’s economic events, check out our economic calendar.