Silver Weekly Price Forecast – Silver Continues to See Upward Momentum

Silver Markets Weekly Technical Analysis

The silver market initially fell during the course of the week, but we have seen a lot of upward pressure, especially on Friday, as the market got wind of a stronger than anticipated jobs number, which of course is something that will have a major influence on silver demand.

Remember, silver is an industrial metal, not just a precious metal, and therefore it does make a certain amount of sense that it performed well in that environment. Now I believe that we have a floor in the market closer to the $30 level, and now I think you’ve got a short-term pullback offering the market right now as valuable opportunities.

I do think that we go to the $35 level given enough time and I have no interest in shorting the market anytime soon. Quite frankly, silver is just too strong at this point, but that doesn’t necessarily mean that you jump in with a ton of leverage, or you jump in and start buying hand over fist.

It just means that at this point, you have to recognize that when we do pull back, there are going to be some opportunities that you’ll want to take advantage of, if and when they appear. I have zero interest whatsoever in shorting this market, like I said. And really, it’s not until we break down below the $28 level that we can begin to have that conversation. I do think we reach $35, especially after Friday’s price action.

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