FXEMPIRE
All

Silver Weekly Price Forecast – Silver Markets Show Resiliency

Silver markets fell during the week but then turned around to form a bit of a hammer. The hammer of course is a bullish sign, and the fact that we had formed a hammer during the previous week also suggests that there are buyers.
Christopher Lewis
Silver Weekly Price Forecast - Silver Markets Show Resiliency

Silver markets have broken down a bit during the trading sessions that make up the previous week but bounced again as we did during the previous week. That being said, it’s very likely that the market will continue to find value hunters, trying to take advantage of the silver market being cheap over the last couple of weeks. The shooting star that formed a couple of weeks ago struggled at the $19.00 level, and it’s likely that the market will continue to look at that area as a major resistance. I do think that looking around the markets globally, it looks as if we are going to see more of a “risk off” type of move.

SILVER Video 27.01.20

That does help silver, as it is a precious metal so therefore it’s likely that the market participants continue to flock to these precious metals in order to avoid trouble. The market has been extraordinarily resilient over the last couple of weeks, and although we had an overextended move to the upside, it looks as if the market is comfortable grinding away in this vicinity and killing time, which of course is a sign that perhaps we can go much higher over the longer term. This doesn’t mean that it will be easy, therefore short-term pullbacks should be thought of as potential buying opportunities, as silver certainly looks like it’s ready to go much higher. Ultimately, I believe that we can break above the $19.00 level, and then perhaps even to the $20.00 level.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US