Silver Weekly Price Forecast – Silver Continues to See Volatile Moves

Silver Markets Weekly Technical Analysis

Silver has gone back and forth during the course of the trading week, and of course that is mainly driven by the central bank expectations, and on Thursday, the CPI numbers in the United States came out at half of what they were supposed to. But on Friday, the PPI numbers came out four times hotter than they were supposed to. So, with that being said, it’ll be interesting to see how this plays out, but clearly the Federal Reserve has a lot to think about still.

And that is the one thing it seems that is really keeping silver from truly just launching. That being said, silver is a very thin contract at times, and it also is a huge contract. So, you need to be very cautious. And therefore, I think a little bit of a pullback is probably a good thing, especially when you look at the candlestick from last week.

Yes, it’s a positive market and I certainly would not short silver. But I think at this point in time you have to look at it through the prism of a market that you’re trying to find value in. The $30 level would be very intriguing to me if we could find it. And then after that you have $28.50. Anything below there becomes a potential warning sign. But right now, I think this is a market that you’re looking for value to ride out the upward momentum and hopefully break above the $32 level cleanly, which would allow silver to go much higher.

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