Silver Weekly Price Forecast – Silver markets plunge for the week

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Updated: Aug 18, 2018, 05:15 UTC

Silver markets fell hard during the week, breaking down below the $14.50 level, but bouncing a bit on Friday. We are approaching serious support here, so this will be very interesting to pay attention to. The $14 level has been the scene of massive buying in the past, but we have certainly broken down a major descending triangle at this point, which could send this market even lower. However, a major fight is about to spark.

Silver markets broke down rather significantly during the week, slicing through the $15 level with these. In fact we got as low as $14.30 before bouncing a bit. The $14 level underneath is massive support, but I cannot help but notice that we have formed a bit of a descending triangle that has broken. We could go below the $14 level, and if we do I think that shows just how strong the US dollar would become. I do like buying silver longer-term, as I have stated several times in the past. However, I would not do so with leverage as you can dollar cost average a retirement account with physical silver. Remember, silver was eight or nine dollars for years before spiking to $50. This can happen again, and almost certainly will over the longer-term.

In the meantime, I suspect that the $14 level is a major barrier that will be difficult to overcome for the sellers. On a daily chart I might be willing to take a flyer, but the weekly chart doesn’t give me anything to sink my teeth into yet. However, I am watching the level just below with great interest, as it could open up a nice buying opportunity, or could open up the floodgates for the sellers. The next couple of weeks will be crucial.

SILVER Video 20.08.18

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.