Silver Weekly Price Forecast – Silver markets form a shooting star

Silver markets initially rallied a bit during the course of the week, breaking above the $16.00 level. By doing so, we have found plenty of sellers above, and the market has pulled back to form a bit of a shooting star. This shooting star is of course a negative candle stick, and I think that the market should probably pull back to find a bit of support. The uptrend line underneath should be tested for support, as the $15.50 level.

SILVER Video 25.02.19

Ultimately, there is a lot of noise above that it’s going to be difficult to break above, and of course we will have to pay attention to the US dollar and the Federal Reserve. Ultimately, the US dollar looks as if it is trying to sell off a bit in general, and the silver market should be a beneficiary. It looks as if we may get some sideways action in the short term, perhaps in a bid to build up enough momentum to finally smashed through this major resistance.

If we do break down below the $15.50 level, that could change things drastically, but right now it’s obvious that the market is going to struggle to break down through there. If it does, then I suspect the next target would be the $15.00 level. Ultimately, expect a lot of volatility and longer-term traders are probably going to be looking for value to take advantage of which should be a softening of the greenback longer-term with the softening Federal Reserve. Selling is of no interest to me.

Please let us know what you think in the comments below