Silver Weekly Price Forecast – Silver Continues to Push Towards Upside

Silver markets have gone back and forth during the course of the trading week to hover around the $28 level. The $20 level has been a bit of a magnet for price, so it should not be a surprise to see that we are hanging about it yet again. The market should continue to see a lot of noise in this general vicinity, as we try to chip away at the massive resistance that extends all the way to the $30 level. The $30 level of course is a major barrier, and if we can break above there then it is very possible that we go much higher. Historically speaking, that normally means we have a run towards the $50 region.

SILVER Video 14.06.21

In the meantime, we could get the occasional pullback, but I see a lot of support at the $26 level and of course the uptrend line that has so clearly defined an ascending triangle. With that, I like the idea of taking advantage of value on dips, as we clearly are building more and more pressure to go higher. The candlestick itself ended up being somewhat positive, but the body of the candlestick leaves a lot to be desired as there were wicks on both sides. Nonetheless, I do like the idea of this market to the upside and have no interest whatsoever in shorting it as we continue to look at industrial demand pick up for silver, and of course the US dollar get somewhat hit. With that being the case, I think we have a scenario where we are simply going to eventually break out.

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