Silver Weekly Price Forecast – Silver Markets Have Extraordinary Week

Silver markets initially pulled back slightly during the week, but then broke above the $15.00 level. By doing so, the market has shown a significant amount of bullish pressure, and the fact that it closed at the top of the range suggest that we are going to continue to go much higher. All things being equal, this is a market that looks like it’s heading towards the $16.50 level, which is previous support and it should be resistance now. Looking to the charts, you can also see that there is a massive selling pressure area near the $17.50 level.

SILVER Video 13.04.20

That being the case, if the market pulls back at this point, I think there will be plenty of buyers underneath near the $15.00 level which was previous resistance. At this point, the market is likely to be noisy, because keep in mind that although silver gets a bit of a boost due to the liquidity being thrown into the market, the reality is that the silver market also has the added influence of industrial use, something that is clearly going to be down.

I suspect the best way to trade this commodity is to simply look for pullbacks that you can take advantage of. The market closed far too bullish at this point for momentum to simply continue to take off to the upside, unless there is some type of massive announcement. I think a pullback gives you plenty of opportunity to pick up a bit of value for a longer-term trade, but I would keep the leverage down as you can get hurt by the volatility that this market offers.