Silver Weekly Price Forecast – Silver markets turn around

Silver markets pulled back a bit during the week, reaching towards the $15.50 level, an area that is roughly the 50% Fibonacci retracement level from the explosive breakout that we had just had a couple of weeks ago. Because of this, it’s very likely that we will continue to see buyers pick up value, and I believe that the $15 level underneath is support. If we were to break down below the $15 level, it’s very likely that we will continue to go even lower. However, I suspect that we will bounce long before we get to that point and go looking towards the $16 level again. This has been a very explosive move, so it makes sense that we get this pullback.

SILVER Video 21.01.19

If we can break above the $16 level, the market then probably goes looking towards the $17 roughly. I think that these pullbacks will offer value that longer-term investors can take advantage of, especially if you can do it in small bits and pieces. Beyond that, I like the idea of buying silver in its physical form, so that gives the opportunity for buyers to step in and invest for the longer-term move. That being the case, the $15 level being broken down should send this market down to the $14 level after that. I believe that the volatility will continue to be a major issue, but it certainly looks as if the attitude of the market has changed in general. We have formed a “double bottom” at the $14 level, which of course is a good sign that the trend has changed.