Silver Weekly Price Forecast – Silver Markets Give Up Early Gains for the Week
Silver markets initially rallied during the course of the week, but then turned around to give up a lot of the gains. At this point time, the market is likely to go looking towards the uptrend line of the massive ascending triangle that we have been dealing with, and it certainly looks as if the market is likely to see a lot of noise in this area. At this point, if we were to break down below the $25 level, I think at that point it could be rather negative for silver, which of course has not been showing much in the way of bullish pressure.
SILVER Video 19.07.21
At this point in time, if we break down below the $25 level, it is very likely that we could continue to go much lower. At that point in time, I believe that the market could go looking towards the $20 level or so, continuing the massive selloff that we had seen five weeks ago, which may have been the first signal that something was seriously wrong. On the other hand, if we were to turn around a break above the highs of the previous week, then it is likely that we could go looking towards the $28 level.
The $28 level offers significant resistance that extends all the way to the $30 level. If we could clear that area, then the market could go much higher, perhaps reaching towards the 50 day EMA over the longer term. In general, this is a market that I do believe probably has more downward pressure than up, especially if the US dollar continues to strengthen.
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