Silver Weekly Price Forecast – Silver Markets Show Neutral WeekThe silver markets have gone back and forth rather significantly during the week, as we have used the $18 level as essentially a pivot for price in both directions.
Silver markets have gone back and forth during the week, as we use the $18 level as a bit of a pivot for price. Ultimately, this is a market that I think will continue to see noisy behavior due to the fact that silver is not only a precious metal, but it is also an industrial one. Because of this, it is likely that we will see the markets react very noisy to the latest headline. Quite frankly, the futures markets have become a bit out of control due to the fact that there is always the next headline just waiting to throw things into disarray. With that in mind, silver has to navigate the idea of being a reaction to loose monetary policy, and then the fact that there is a serious lack of demand for industrial use.
SILVER Video 29.06.20
Underneath, the $17 level is support, and basically “fair value” from the longer-term trading range between the $15 level and the $19 level. We are in the upper half of this region, so I prefer to buy short-term dips until shown otherwise. As far as a longer-term trade is concerned, if we can break above the $19 level, we will then test $20 beyond that.
A break above that level opens up a move to much higher levels, perhaps even as high as $50 over the longer term. I have no interest in shorting this market, and I believe that the $15 level is the absolute “floor” in this market over the longer term. The previous candlestick was a hammer, so that of course is very bullish and supportive so I do anticipate that the next move is probably higher.
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