Silver Weekly Price Forecast – Silver markets have horrible week

Silver markets initially tried to rally during the week again but have turned around to show signs of exhaustion again. In fact, it’s ended up being a bit of a shooting star, which could have implications for the next move.
Christopher Lewis
Silver weekly chart, September 30, 2019

Silver markets initially tried to rally during the trading week, but then broke down below the $19 level to reach quite significantly to the downside. The fact that we have formed a massive shooting star again tells me that there is a lot of concern out there boat one thing that is helping the market is that there is a bit of a gap that has just been filled. That of course is a bullish sign, but if we were to break down below the bottom of the weekly candle stick, this could be rather ugly for Silver

SILVER Video 30.09.19

That being said, we could continue to simply grind sideways overall but it will be difficult to trade from a longer-term standpoint based upon the fact that it should be so noisy. With that, the market will either signal a longer-term short set up, or a short-term buying opportunity. When you look at the chart though, it is very parabolic at this point so a pullback doesn’t exactly seem to be out of sorts. This doesn’t mean that we are suddenly going to melt down, what it means is that we are likely to get a bit of a pullback. So while things do look somewhat negative, it would not surprise me at all to see a bit of a fall from here only to turn around and attract more traders because let’s be honest here: there are a lot of problems around the world they continue to have people looking for some type of safety.

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