Silver Weekly Price Forecast – Silver markets form a hammer

Silver markets continue to bounce around between the $14 level on the bottom and the $15 level on the top. Gold has already broken out, so typically the silver market would follow right along. I think given enough time, silver will rally towards the $16 level, in that short pullbacks could be opportunities to pick up a little bit along the way. Don’t get me wrong, we can fall from here and probably will at one point, but I believe that we are starting to see a significant turnaround and precious metals as they act like safe haven asset again.

Once we break above the $15 level, I think it will bring in fresh money, initially targeting the $15.50 level, and then the $16 level after that. If we were to turn around and break below the $14 level that would be extraordinarily negative as $14 has been so supportive, and we would also be breaking down below the hammer for the week which is also obviously negative. However, I think we are starting to see more money flow into precious metals overall, and of course silver will benefit from that. I bullish longer-term, and it looks as if the market is starting to see at the same way. Obviously though, build your position along the way, don’t jump in with too much money at one time as Silver markets can be very volatile to say the least.

SILVER Video 15.10.18