Silver Weekly Price Forecast – Silver markets hit resistance during the week

Silver markets rallied during most the week but ran into some trouble on Friday as we have the jobs figures stronger than anticipated. The $16 level of course offered a certain amount of psychological resistance, as you can see the level has been important more than once. Nonetheless, the recent breakout that we have seen suggests that there should be buying volume underneath, so I look at pullbacks as an opportunity to take advantage of silver that is cheap.

SILVER Video 07.01.19

The market is on the wrong side of the trade for the most part, speaking to several commercial speculators and hedgers that I know. Just two weeks ago, the suggested pricing for silver going forward was closer to the $14 level. Ultimately, we have had the break out and a lot of traders and commercial specs on the wrong side will continue to help the markets go to the upside. Beyond that, Jerome Powell suggested during the day on Friday that perhaps the Federal Reserve might be a bit more flexible, meaning that interest rate hikes may not be coming in 2019, or at least not as many as originally thought. With that being the case, precious metals should be the beneficiary.

However all of this being said, if we wipe out the candle stick from the previous week, then I think we will more than likely slam into the $14 level with significant force. I still believe that we are more likely to see $17 than anything else longer-term.