Silver Weekly Price Outlook – Silver Rallies Again This Past Week

Silver Markets Weekly Technical Analysis

The silver market has shot straight up in the air during the course of the week, and the candlestick, of course, looks very bullish. That being said, though, there are a couple of things to think about. Thursday of course, was Thanksgiving and therefore shut down during the North American session. And, of course, Friday would be thin, a lack of volume due to the fact that Americans didn’t go back to work on Friday for the most part, although technically we were open. That being said, there’s also another thing to think about on Friday: we have seen the CME shut down due to the data centers having a cooling issue.

So, with all of that, it’s not really a clean weekly candlestick. That being said, all of being said, there is still a lot of bullish pressure here. And I think that’s obvious. We are trying to take off to the upside. And with that being the case, the market participants will continue to look at this through the idea of buying dips, I think. This is a market that should see plenty of support near the $51.50 level and most certainly at the $50 level.

And really, at this point, the one thing that does make me a little bit leery about silver is the fact that volume continues to drop even though we continue to rise. That is not typically a good sign, but there’s nothing very typical about this move. This is all about short-squeezing the London Metal Exchange and the physical silver supply, and a whole bunch of other shenanigans that are going on that are far beyond the scope of this analysis video. Just know that when the bottom falls out, and it will eventually, it will probably be pretty brutal. So, the one thing that you have to do is keep your position size reasonable and bail out of this position if it starts going against you rapidly.

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