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Silver Weekly Price Forecast – Silver markets testing the major support

By:
Christopher Lewis
Updated: Jul 28, 2018, 05:22 UTC

Silver markets spent most of the week back and forth, but Saul a significant amount of bullish pressure on Friday to form the candle that you are looking at. At this point, it’s very likely that the $15.50 level continues offer major support, as we have seen more than once. I believe that support extends down to the $15 level.

Silver weekly chart, July 30, 2018

Silver markets have tested the $15.50 level, and that is roughly where we are closing for the week. The market looks likely to find a lot of support in this area, and I believe it’s only a matter of time before we find buyers to turn around the market and continue the consolidation that we have seen for some time. I believe that the market will eventually find a way to reach towards the $16.50 level, an area that was resistance. I believe that there is massive demand underneath to keep this market afloat.

At this point, I think that if we drift lower, longer-term “buy-and-hold” traders will continue to pick up cheap silver underneath. Over this range, I would anticipate a lot of demand coming back into the market, and the GDP number in the United States missing by 0.1% might be the excuse that traders are looking for. At this point, I would be a buyer and I believe that we will go to at least the $16.50 level, if not higher than that. At this point, the market looks likely to be bullish of the next several weeks, so therefore I am a buyer of silver as we continue to see the currency such as the Euro, Pound, and the Australian dollar finds support against the US dollar as well. I think we are going to see a reversal of fortune for the greenback soon.

SILVER Video 30.07.18

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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