Silver Weekly Price Forecast – Silver Markets Pullback but Find BuyersSilver markets have pulled back significantly from the $28 level during the course of the week but have seen buyers jump back in to pick up momentum to the upside again.
Silver markets initially tried to break above the $28 level, an area that has been important more than once. As we pulled back from there, it is likely that a lot of value hunters came back into the market, especially near the $26.75 level which was a minor resistance barrier previously. Because of this and so-called “market memory”, it is perfectly normal to see that the previous minor resistance level is now a minor support level. Furthermore, the uptrend line underneath is something that should be paid attention to as well, just as the $28 level is resistance.
SILVER Video 17.05.21
If we were to get a daily close above the $20 level, then I fully anticipate that the longer-term trend will allow this market to go looking towards the $30 level above. The $30 level is a large, round, psychologically significant figure. If we break above the $30 level, then it is likely that the market could go looking towards the $50 level. That is a move that has happened a couple of times in the past, so that being said I think we are looking at the overall trend continuing, and therefore I think what we are looking at here is a continued “buy on the dips” type of situation for the short term, but longer-term I think that we will eventually see the breakout base not only upon the US dollar falling, but the fact that the green energy initiative that the United States is embarking on demand more silver which of course already has a significant problem with tightening supply to begin with.
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