Silver Weekly Price Forecast – Silver markets giveback massive gains during the week

Silver markets initially tried to rally during the week, and even accomplished a move towards the $17.40 level. However, we found enough resistance in that region to turn things around and form a bit of a shooting star. The shooting star of course is a negative sign, and if we look at it objectively, it suggests that we are going to drop towards the $16.25 level again. The market is still going to continue to be noisy, and I still believe that longer-term it is a market that you want to own, but I do so in very low leverage in this candlestick is a perfect example as to why. Buying physical silver is one of my favorite ways to play this market because of that very fact.

However, if you have the ability to play the CFD markets, I would suggest waiting for this pullback to show signs of support to go ahead and get in and start buying again. It looks to me as if the $15.50 level is massive support. I believe at that point it’s likely that value hunters will come back in near that level, so even though we have seen such a horrific selloff, I think that we are still well within the range of tolerance. However, if the US dollar spikes in value, that could change things.

SILVER Video 18.06.18