Silver Weekly Price Forecast – Silver markets looking for support

Silver markets have rallied during the week, despite the fact that we saw so much in volatility during the day on Friday, ultimately, this is a very choppy market and of course is very dangerous if you get it wrong. However, we are sitting on the top of the major support, so that’s something to pay attention to. · FX Empire

Christopher Lewis

Updated Fri, Sep 21, 2018, 11:21 PM

Silver markets rally during the week, bouncing from the $14 level. That’s an area that has been important more than once, so it’s not surprising that we have seen the market show a bit of buying pressure in that area. Friday was absolutely volatile, and I think that shows at the very least just how important this area is. However, by the end of the week we formed a green candle in that’s a good sign. Perhaps we could bounce towards the $15 level, which of course is a major round number and of its own right. The $14 level has been massive in the past, so I think it makes sense that we would bounce from here. However, longer-term traders are going to be better off buying physical silver more than anything else.

The alternate scenario of course is that we get a break down below the $14 level, especially on a daily close. If we have that happen, then the market probably goes looking towards an even longer term support level at the $12 level. This is all about the US dollar, and if it strengthens that continues to put bearish pressure on silver. I would also point out that the Gold markets have formed a couple of shooting stars in a row, so we are starting to get a bit of a divergence between these two markets, something that means there’s a lot of confusion out there.