Silver Weekly Price Forecast – Silver markets form supportive weekly candleSilver markets initially fell during the week but turned around to show signs of life again. Now that we have formed a bit of a hammer, there are a lot of things to pay attention to, and it could show that the market is about to change.
Silver markets initially fell during the trading sessions that made up the week, but at this point it’s still a bit early to say. The fact that we formed a hammer is a very bullish sign though so keep that in mind. I do believe that if we break above the trend line, it’s very likely that we will then test the $14.85 level. A break above that level opens up the door to $15.00, and then perhaps even further to the upside than that.
SILVER Video 03.06.19
One thing that’s worth paying attention to is the fact that the Gold markets broke out during the week, and silver will typically follow given enough time. This is a bit of a safety play, but silver will lag at gold considering that gold is a pure precious metal play when silver has a lot to do with industrial demand as well.
If we did break down below the weekly candle stick, we could open the door to the $14.00 level, but quite frankly Friday has changed the attitude of silver enough to have people rethink what’s going next. I do recognize that silver is very choppy and difficult to deal with, so this longer-term play is something that you should use very little leverage with and think of more as an investment than anything else. To me, it looks as if silver is ready to continue higher if the situation stays the same. This week ended very strong.
Please let us know what you think in the comments below