Silver Weekly Price Forecast – Silver Continues to See Buyers on Dips

Silver Markets Weekly Technical Analysis

The silver market has fallen a bit during the course of the week, but it looks like we are starting to see the $30 level offer support yet again. All things being equal, this is a market that I think continues to see a lot of noisy behavior. And it is probably worth noting that the $32.50 level has caused a bit of a sell-off, as it is a large, round, psychologically significant barrier and an area that now is in the midst of possibly forming a double top.

If we turn around and fall from here, the $30 level underneath could offer support, but if we break down below it, then I think silver really starts to take off to the downside, perhaps reaching down to the $28 level. In general, this is a situation where silver continues to be very noisy, but I do think it favors the upside overall, as we’ve been in a nice run higher, and it is worth noting that although we are in the midst of forming a little bit of a double top, we did reach a little higher this last time than the one before it, so technically speaking, we are attempting to break out.

I think we need some type of fundamental reason to go higher, we’ll have to wait and see what that is, but as things right now stand, it looks like the technical analysis is most certainly bullish, especially after the reaction that we had late in the week.

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