Silver Weekly Price Forecast – Silver Markets Go ParabolicSilver markets rallied rather significantly during the course of the week, reaching as high as just under the $30 level.However, we have pulled back from there.
Silver markets rallied rather significantly during the week and went completely parabolic on Friday. Having said that, the market has pulled back from the $30 level, reaching down towards the $28 level. Ultimately, I think we have further to go, because the market being this parabolic tends to have a lot of uncertainty underneath it. The $30 level of course is a major resistance barrier from a technical analysis and structural point of view, so at this point it is only a matter of time before the buyers will be interested in some type of value.
SILVER Video 10.08.20
The market pulling back like that would offer plenty of value, as the US dollar is getting absolutely hammered overall. However, the market is likely to continue to pull back just a bit of the US dollar selling, albeit temporarily. If the US dollar picks up a bit more value, then it is likely that silver will drop. The $24 level underneath would be an excellent opportunity to pick up silver “on the cheap”, as it obviously has changed its overall trend. I think we could go looking towards $50 eventually but were not going to get there in the next week. With that being the case, look for value and take advantage of it.
That is the same thing that I would say for gold, platinum, and many other commodities as this is purely an “anti-US dollar” type of situation. This is obviously a very bullish situation but that does not mean you need to chase the trade all the way up at these extraordinarily overbought conditions.