Silver Weekly Price Forecast – Silver markets form neutral candle

Silver markets went back and forth during the course of the week, showing signs of exhaustion at times, but in general it looks as if we are simply validating the hammer from the previous week. The hammer sits right at the $15.00 level underneath, which is massive support. The market had previously seen a lot of resistance at that area, so it makes sense that the buyers would come in and defend this area.

SILVER Video 18.03.19

If and when we break above the candle stick for the week, the market should then go to the $16.00 level. If we reach down towards the $15.00 level underneath, I anticipate that there will be a lot of buyers willing to step in and pick up some value. Silver of course tends to move opposite of the US dollar, so pay attention to what’s going on there as well.

One of the best proxies for US dollar strength is the US Dollar Index, but if you don’t have the ability to track that with live information, then the EUR/USD pair can help as well. Ultimately, I like the idea of building up a larger position over the longer-term trading, which means using a lot less leverage. You can either do it with CFD markets, or physical silver if you don’t wish to take on the overall danger with futures markets and contracts to hang onto larger positions. Look at this chart though, I think that if we can break above the $16.00 level it’s likely that we can start adding even more to our position.

Please let us know what you think in the comments below