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Silver Weekly Price Forecast – Silver markets form supportive candle for the week

Silver markets initially fell during the week, reaching down towards the vital $17.00 level. At this point, the market is likely to continue to see buyers at that area again, although it should be noted that the previous candle stick was a bit of a shooting star so it looks like a lot of tension is building.
Christopher Lewis
Silver weekly chart, October 07, 2019
Silver Billon

Silver markets fell significantly during the week, reaching down towards the $17.00 level, an area that obviously is psychologically and structurally important. Beyond that, the 200 week EMA underneath is starting to offer support as well. Ultimately, this is a market that has featured a couple of shooting stars recently, but the hammer that formed during this previous week suggests that perhaps the buyers are starting to fight back.

SILVER Video 07.10.19

With a whole plethora of reasons out there to be concerned, it makes sense that silver will continue to attract a certain amount of attention. Ultimately, this is a market that has been bullish for quite some time but got a bit ahead of itself during the month of August as it gained 15%, which is obviously far too strong to continue that type of momentum. At this point, the market should continue to see a lot of volatility, but it certainly looks as if we will continue higher over the longer-term. Beyond that, you can see that there is a bit of a bullish pennant starting to form, so that’s something to pay attention to as well. If that does in fact kicked off, it does in theory suggest that the market could go as high as $25. Obviously, this is a major call and probably takes quite some time to get there. All things being equal though, it’s obvious that selling is all but impossible.

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