Silver Weekly Price Forecast – Silver Markets Form Bullish Candle For The Week

The silver markets initially fell during the week but have found plenty of support to turn around and form a massive hammer. The hammer of course is a bullish candlestick, and the fact that we are sitting at a couple of other supportive levels doesn’t hurt the argument for higher silver prices either.
Christopher Lewis
Silver weekly chart, November 04, 2019
Silver Billon

Silver markets initially fell during the week, reaching down towards the 38.2% Fibonacci retracement level, testing the $17.50 level. We turned around to form a massive hammer for the week and then of course it’s a very bullish sign. The hammer of course is one of the more bullish candlesticks that you see on charts, so therefore it attracts a lot of attention for bullish trading. The market is also sitting on top of a massive uptrend line, so obviously that is a very bullish sign. At this point in time if the market breaks above the top of the hammer for the week, that is technically another buying opportunity, sending the market towards the $20 level again over the longer term.

SILVER Video 04.11.19

With central banks around the world cutting interest rates and easing monetary policy, it’s very likely that the market will continue to see precious metals favored by traders around the world. This goes for both silver and gold, as well as other ones like platinum and palladium. However, silver has a duel mandate when it comes to bullish pressure, because it needs industrial demand. With the US jobs never coming out stronger than anticipated during the Friday session, and of course several of the economic numbers doing fairly well, it’s likely that silver will be picked up on that end as well. In general, would you look at the chart you could even make an argument for a bullish flag. Quite frankly, I see nothing bearish on this chart at all.

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