Silver Weekly Price Forecast – Silver Markets Rip to The Upside

Silver markets rallied quite significantly during the week, testing the $18.50 level. Ultimately, if the market breaks above there then it can take out the $90.00 level. At this point, a pullback should offer plenty of opportunities, as the uptrend line will more than likely offer quite a bit of support as well. Keep in mind that the market is looking very much like one that is ready to try to catch up to the way gold markets broke out, and therefore it’s likely that the market will try to do the same things over here.

SILVER Video 24.02.20

At this point, if the market was to break down below the uptrend line, then it’s likely that we go looking towards the $16.50 level but given enough time that would take some type of big of major issue to occur to have a lot of “risk on” trading. I do believe that eventually the market goes looking towards the $20.00 level, which is where we had seen a lot of pressure previously.

The shape of the candlestick is very bullish, and therefore it shows just how much demand there is for silver out there. Keep in mind that the US dollar has been very strong, so the fact that silver could rally the way it has tells you just how much demand there is out there. I like buying dips, but I will be the first to admit that you are probably going to have an easier time gaining in the gold market then you will here. However, keep in mind that silver is very explosive at times, so the move could be very strong.