Silver Weekly Price Forecast – Silver markets go back and forth during the week

Silver markets continue to go back and forth, forming a neutral candle for the week as we bounce around between the $15 level on the top, and the $14 level on the bottom. This is a market that essentially has nowhere to go, and I think that the $15 level above being broken should send this market much higher, perhaps reaching towards the $15.50 level, and then eventually the $16 level. The $14 level underneath should be supportive, but if we break down below there I think silver could unwind to the $12 level. This is a market that has seen a lot of buying pressure at the $14 level, and it has essentially been a “floor” in this market.

I think at this point it makes sense to be a buyer of silver more than a seller, but we need a little bit of help from the US dollar. Seen the EUR/USD pair rally significantly could be the help that we need, and that could send this precious metals market higher. I think that we will continue to be volatile, but ultimately the trade is probably more of an investment. I love buying physical silver, levered positions are very difficult to hang onto at this point, unless of course you have the appropriate account size. CFD markets could work, but you will have to be very patient and of course you small trading positions. Overall, I am bullish of silver longer-term, but obviously we have a lot of work to do to get to the upside for a longer-term move. I believe eventually we go to $50, but that is probably years in the future.

SILVER Video 08.10.18