Silver Weekly Price Forecast – Silver Markets Pull Back From Major Level

Silver markets initially tried to rally during the week but found enough trouble at the $19 level to turn around and pulled back significantly. If that is the case, then it makes sense that the sellers are making a serious stand at the $19 level. Silver has been very volatile for the week, but I got absolutely smoked on Friday as the jobs number came out better than anticipated. At this point in time, it is likely that the market is going to continue to see a lot of volatility, but I do think that looking for value at lower levels makes the most sense when it comes to silver.

SILVER Video 08.06.20

I think that there is support on the daily chart just below and at the $17 level, but on the weekly chart it is probably a little easier to see that the $16 level. However, if we were to break above the $19 level it opens up the possibility of the psychologically important $20 level being targeted. A break above there then allows the market to go looking towards even higher levels, and it could be a longer-term break out.

$20 seems to be an area that silver pays a lot of attention to, and if memory serves me right, the last time we broke above there with any type of significant amount of time we ended up spiking towards the $50 level. I am not necessarily calling for that, at least not quite yet, but I do think longer term we see higher silver prices. In the next couple of weeks though, we could very well get a little bit of a pullback.

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This article was originally posted on FX Empire

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