Silver Weekly Price Forecast – Silver markets form a hammer

Silver markets spent the early part of the week breaking down, just as other precious metals markets did, but silver found plenty of support at the $15 level. In fact, we have turned around of form a very bullish looking hammer stick, especially considering that the jobs number look very soft as well, giving the US dollar some weakness. Now that it looks like the Federal Reserve are going to be raising rates anytime soon, that should keep currency relatively “cheap”, meaning that Silver should have the ability to climb.

SILVER Video 11.03.19

There have been some speculators out there suggesting that perhaps the Federal Reserve’s next move is going to be to cut rates, not increase them. If that’s the case, the precious metals sector should do fairly well, with gold rallying in and of course bringing silver right along with it. The obvious target to the upside is the $60.00 level, an area that I think is going to be difficult to crack.

The alternate scenario of course is that we turn around to break down below the $15 level, which would be especially crippling at this point considering that it is not only a major round figure, but it is also the scene of major resistance from previous trading. Add to that mix the fact that the candlestick you are breaking the bottom of it is a hammer, and then you have a bit of a perfect storm for a bearish move down towards the $14 handle underneath.

Please let us know what you think in the comments below