Silver Weekly Price Forecast – Silver markets run into resistance

Silver markets tried to rally during the week, reaching towards the $15 level, an area that has been resistance more than once. I think at this point, it’s likely that traders will continue to bounce back and forth, and this week being dominated by the holidays, I’m not looking for much. I think overall, if we can break above the $15 level, then we could go to the $16 level, as it is a $1.00 tall consolidation area that we are stuck in. I would point out that we are forming a bit of a shooting star, so we could pull back a little bit, and go looking towards the $14.50 level again. That is essentially “fair value” when it comes to this market, as it is directly in the middle of consolidation.

SILVER Video 24.12.18

If we break down below the $14 level, then the market could go down to the $13 level rather quickly, perhaps down to the $12 level based upon the longer-term charts. At this point though, I think that silver is simply trying to build a bit of a base. If the market breaks out, that could be the beginning of a continuation of buying pressure. I think at this point though, you should pay attention to the value of the US dollar which is shaky at best, so if the US dollar falls we could see silver rally finally. For what it’s worth, gold has already broke to the upside, so that could be assigned that silver will eventually follow as the two tend to move in the same general direction.