Silver Weekly Price Forecast – Silver markets show resiliency

Silver markets initially fell during the week, reaching down towards the $14.25 level before turning around and forming a massive hammer. At this point, I think it’s obvious that the $15 level above is resistance, but I think at this point we are in fact going to try to break out above there in continue to go higher. At that point, I would anticipate a move towards the $15.50 level, and then the $16 level. Longer-term, we could even be talking about a move to the $17 level beyond that. I like silver longer-term beyond there and have been buying physical silver for some time. However, buying a leveraged instrument is an entirely different argument.

SILVER Video 05.11.18

I think that the Silver markets are ready to continue going higher, especially as there are so many risk events out there just waiting to flareup. Global growth is a concern, and even though the US dollar has been strengthening, it has been strengthening due to a flight to safety, and therefore hasn’t been as big of a drag on precious metals as most people would expect. Ultimately, money is looking for a place to hide, and precious metals do serve that function at times. I believe there is a significant amount of support just below at the $14.25 level that extends down to the $14 level after that. If we were to break down below there, that would be a very negative sign, and could open the door to $12.