Silver Weekly Price Forecast – Silver Markets Give Up Gains During the Week

Silver markets have initially rally during the week, but then pulled back to give quite a bit of the gains up near the $18.50 level, and therefore it is especially important to look at the candlestick and recognize that perhaps silver is going to underperform when it comes to the precious metals. By doing so and looks likely that we are going to form a bit of a shooting star, although it is within a consolidation area.

What this means is that we are seeing a lot of volatility, and I think that a pullback in silver could make some sense. After all, silver also has an industrial component to it, but I do think that it is only a matter of time before buyers come back to pick up the precious metals and of the spectrum when it comes to this market.

SILVER Video 15.06.20

A break above the $19 level should send this market towards the $20 level, which of course is a large, round, psychologically significant figure. This is an area that will attract a ton of attention, and if we can break above the $20 level, it is likely that the market goes looking towards the $50 level longer-term. All things being equal, I do like the idea of buying dips, and we may very well get when taken a look at this chart, but I think there are plenty of buyers underneath to keep this market somewhat afloat. With that, I like the idea of looking for value, and I do not expect this market to simply slice through the top and go higher right away.

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