Silver Weekly Price Forecast – Silver Markets Reach Towards Previous Uptrend LineSilver markets had a strong week, especially later in the week as traders reacted to several geopolitical issues at the same time. However, we are facing resistance at a familiar area.
Silver markets rallied again during the week, to reach towards the $18.15 level. This is an area that had previously been resistive, and it of course coincides with the previous uptrend line. This uptrend line should now act as resistance, just as it has on Friday. That being said, it’s difficult to simply buy here and I do think that a pullback could be coming. If it does happen though, it could offer a bit of value and it’s likely that we will continue to see silver come into play.
SILVER Video 06.01.20
All things being equal, is very likely that we will continue to see volatility based upon geopolitical events, not the least of which will be the situation between the Americans and the Iranians as the US just killed a major general in the Iranian military. Ultimately, this is a market that should continue to see choppiness but if we were to break above that trend line, then silver is likely to go much higher. This is a major situation as far as silver is concerned because we have seen such a volatile move both down and then up. At this point, the following week will be the first week true liquidity comes back into the market, so it’ll be interesting to see how traders deal with this. Beyond that, the weekend could hold a few surprises that could send this market either higher or lower. Quite frankly, this coming weekly candlestick will determine whether we should be net buyers were net sellers of silver. Until then, I would be on the sidelines and waiting for clarity.