Silver Weekly Price Forecast – Silver Markets Sitting at Support Level

Silver markets have found a bit of support during the course of the week, slowing down the massive selling pressure that we have seen from the previous week. The $26 level has been important more than once, and therefore it is likely that the uptrend line is going to hold, especially as the 50 week EMA is climbing right along with it. In fact, it is not until we break down below the $25 level that I would be concerned about the market, as we are forming a massive ascending triangle. Because of this, I think that we could very well go looking towards the $28 level.

SILVER Video 28.06.21

At the $20 level, there seems to be a significant amount of resistance extending all the way to the $30 level, an area that J.P. Morgan most certainly should be protecting at this point. (J.P. Morgan has been busted multiple times for manipulating the silver market.) There is an obvious barrier there, so if the $30 level gets broken to the upside, it is very likely that we go much higher. In fact, the ascending triangle measures for a move towards the $50 level.

As a matter fact, the $50 level has been a target for the market a couple of times in the past, so I do think that it is very likely that we go looking towards that area. All things being equal, the market will eventually break out to the upside, but I also recognize that there is a lot of noise out there. That being said, I am bullish until something drastically changes in the situation.

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