Silver Weekly Price Forecast – Silver continues to find major support

Silver markets broke down initially during the week again, but just as we have seen over the last three weeks, with demand just below the $15.50 level to turn things around. In general, this is a market that seems to have a massive amount of demand in this region. · FX Empire

Christopher Lewis

Updated Fri, Aug 3, 2018, 10:40 PM

Silver markets were very noisy during the trading week, breaking down below the $15.50 level at one point. We turned around to form a bit of a hammer, and for the third week in a row we have seen buyers underneath willing to pick this market up. I think that this market certainly has plenty of support underneath, and therefore a buyer from the longer-term perspective. However, I also recognize that it’s difficult to be a buyer of this market with a lot of leverage. Because of this, I think it’s only a matter time before the value hunters return on these dips, and I believe that they are building larger positions, perhaps reaching towards the $16.50 level.

If we can break above there, the next target of course is the $17.50 level, which is massive resistance. This is an area that has been difficult to break, and although I don’t expect that we are going to break above there in the short term, I believe that if we can get above that level, the market could be looking at $18.50, and then perhaps the $20 level after that.

If we break down from here, I believe the $15 level will be a bit of a “floor” in the market, and that’s probably about as far as we go to the downside. Given enough time, this market will find buyers, especially if we can get the EUR/USD pair to turn around at the 1.15 handle.