Silver Weekly Price Forecast – Silver Markets Have Strong WeekSilver markets have pulled back just a bit during the trading week to test the $26 level, but ended up rather strong.
Silver markets initially pulled back during the week, testing the $26 level. That is an area that has been supportive more than once, and it now looks like we are trying to settle into some type of range between the $26 level in the $28 level. However, longer-term I do prefer upward momentum in the silver markets more than anything else, mainly because Jerome Powell stated just on Thursday that the Federal Reserve was going to keep monetary policy loose for much longer than anticipated. This tends to devalue the US dollar, which by its very definition will have commodities going higher, especially precious metals.
SILVER Video 31.08.20
For what it is worth, most of the significant gains for the week were on Friday, after that announcement. This tells me that we are going to make a serious attempt at breaking above the top of the previous weekly candlestick, which would be a snapping of a shooting star shaped. After that, the market is likely to go looking towards the $30 level. If we can break above there, then the door to $50 is very possible. After all, if you look at historical charts, every time we break above the $30 level, it seems as if $50 is where the market wants to be. That being said, I like buying short-term dips, because obviously you are trying to find value and it should be noted that silver markets are extraordinarily volatile, so you need to be cautious about putting too much into the market at one time.
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