Silver Weekly Price Forecast – Silver Markets Have Tough WeekSilver markets broke down significantly during the week, reaching down towards the $22.50 level. At this point the question is if we are done selling?
Silver markets broke down during the course of the week, reaching towards the $22.50 level on Friday. At this point, the market looks like it will continue to see buyers underneath and I do think that it is only a matter of time before we see value hunters coming back in to pick up the market. That being said, I am not willing to jump in right away and I do think that perhaps we might have one more push to the downside. It is worth noting though is the fact that the US Dollar Index is trying to break down and that could in and of itself stabilize silver.
SILVER Video 30.11.20
Silver needs a certain amount of industrial demand, and at this point in time it is very likely that the dollar and “risk off” type of trading probably works against the silver market in the short term, but I do think that it is only a matter of time before buyers come back in but I am going to let the market prove itself before I put any type of money into it. After all, silver does tend to be very noisy and volatile, so it is best to let the other traders risk their money first. I believe that the $20 level underneath will be crucial as well, so I would be particularly interested in that area. Nonetheless, I see nothing on this chart that tells me I should be buying right now. I will simply be sitting on the sidelines and waiting for a longer-term trade.
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