Silver Weekly Price Forecast – Silver Continues to See Buyers Over The Week

Silver Markets Weekly Technical Analysis

The silver market initially pulled back just a bit during the course of the trading week, but then turned around to show a significant turnaround to show signs of life. All things being equal, this is a market that will continue to look to the upside and try to break out to the upside as we did peak a little bit above the overall swing high. But let’s not forget just how noisy the silver market is under the best of circumstances.

You have to be very cautious with your position size. But I also prefer buying pullbacks and a bounce. The market breaking above the top of the candlestick would also be a signal that we are going higher. And a measured move could be a situation where we go to the $38 level based on the measured move. Regardless, I don’t have any interest in trying to short the silver market, although I’m the first to point out that we do have a bit of divergence in the moving average convergence divergence indicator and therefore we might be running into a little bit of trouble.

We’ll just have to wait and see. Silver is moving higher based on lower interest rates and the fact that there are a lot of geopolitical concerns. So, watch for that as well, as that is a bit of a moving target. However, keep in mind that silver play second fiddle to the gold market when it comes to safety.

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