Silver Weekly Price Forecast – Silver Markets Show Bearish Candle

Silver markets have been all over the place during the course of the week but ended up forming a shooting star which of course is a very negative sign. Looking at this chart, I believe that it is only a matter of time before we pull back. The $26 level has been an area of importance before, and therefore it should offer importance now. If we break down below the bottom of the candlestick for the week, we will probably go plunging into the consolidation area that we are trying to break out of, and therefore it is likely that the buyers will look for value underneath, perhaps down to the $24 level, followed by the $22 level.

SILVER Video 28.12.20

To the downside, I see the $22 level as being massive support so if we get close to that area, I think longer-term traders will get involved to pick up a bit of value. Alternately, if we break above the top of the candlestick, then the market goes looking towards the $20 level, possibly even the $30 level. I think at this point in time, a pullback is something that you should pay close attention to, but I would not be a seller of it due to the fact that we are very much in an uptrend and we have done a lot of damage to the area just above the $26 level as far as sellers are concerned. In other words, that was the “first shot across the bow” of the sellers, and it is likely that we are going to continue to find reasons to go higher.

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