Silver Weekly Price Forecast – Silver markets rally but find sellers above

Silver markets continue to bounce around, but the weekly candle stick is giving us signs that we are going to continue to be very choppy. The fact that we are trying to form a bit of a shooting star at the bottom part of an uptrend line says a lot quite frankly.
Christopher Lewis
Silver weekly chart, March 25, 2019

During the week, we had seen the silver market show signs of virility, but we can thank the Federal Reserve for that more than anything else. Ultimately it looks as if the market is going to continue to show signs of confusion, because we have formed a shooting star for the week, but we also have a hammer from the week a couple of weeks ago off the $15 level. Between those two candle sticks we have a neutral candle. This tells me that the market simply isn’t ready to make a longer-term decision.

SILVER Video 25.03.19

Moving forward, it’s likely that we will continue to see a lot of choppiness between $15.50, and the $15 level underneath. With that in mind, it’s difficult to be a longer-term trader, as there are obvious barriers. If we were to break down below the $15 level, then it opens the door to the $14.50 level. On the upside, if we can break above the top of the weekly candle stick then it is likely that we will go looking towards $16.00 level.

The uptrend line now offering resistance makes quite a bit of sense, so therefore it’s possible that we will see short-term trades more than anything else, so I would take a look at the silver market from trading vantages every $0.10 or so, and would not aim for much as far as longer-term traders are concerned quite yet.

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