Silver Weekly Price Forecast – Silver markets recuperate a bit during the week

Silver markets rally during the week, but most of that was done on Friday. Quite frankly we were very quiet Wednesday and Thursday, and very negative on Tuesday. So the question now is whether or not we simply role right back over to continue the general range, or are we finally going to break out to the upside? At this point, I am paying attention to the falling wedge that I have drawn on the chart, but quite frankly we need to get on it rather quickly if we are going to fulfill anything remotely close to this technical pattern.

SILVER Video 06.05.19

If Silver breaks above the down trending line, then we could go higher, and in theory go as high as $16.00. That would almost certainly need to see the US dollar fall drastically though, and I don’t know that would be coming anytime soon. With that being the case, I think that we are more than likely going to see this market role right back over like we did last week and test the area below. When looking at these charts, something that may escape notice is the fact that the wick from the candle stick is lower than the one before it. While this is a somewhat supportive looking, the question now is whether or not that fresh low did enough technical damage to send this market even lower? The $14.50 level of course would be supportive based upon that, but I do favor silver over the longer-term. However I would not place a leveraged position right now. I would be much more interested in buying physical silver.

Please let us know what you think in the comments below