Silver Weekly Price Forecast – Silver Markets Show Hesitation

Silver markets went back and forth during the course of the week, as the $28 level is a bit of a magnet for price. At this juncture, at looks as if the $29 level offers a massive resistance that extends all the way to the $30 level. If you can break above the $30 level, then the market is likely to go looking towards the $50 level as it has multiple times in the past. However, it is going to take a lot to get above the $30 level, so I think in the short term we probably are going to see a lot of choppy behavior, as we have to question whether or not we are going to be able to break out.

SILVER Video 07.06.21

In the short term, it is likely that we will see plenty of support underneath, especially near the $26 level. Beyond that, the uptrend line tends to hold things up the market, and it is worth noting that we are in a massive ascending triangle. In general, this is a market that will continue to be noisy but looking at the technical analysis, there really is not much in the way of negativity in this pair, but a pullback does make quite a bit of sense as we continue to see a lot of issues above.

You have to keep in mind that this is a market that does tend to be very volatile, so do not put a huge amount of money into the market without being cautious. In fact, I would be putting little bits and pieces into the market in order to build up a larger position for the potential break out later.

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