Silver Weekly Price Forecast – Silver markets fall for the week

Silver markets fell a bit during the week, showing signs of exhaustion at the downtrend line from the falling wedge, which is in theory a bullish sign. However, we have not broken above that uptrend line, so it’s likely that the market continues to be noisy in the interim. All that being said, it’s very likely that the market needs to form some type of impulsive candle stick in order to bring a lot of confidence into the marketplace.

SILVER Video 13.05.19

One thing that I do notice is that we have a couple of hammers from the previous weeks, so it does look as if we are trying to find a bottom here, but obviously there are a lot of concerns around the world that can bring the value of the US dollar higher. Ultimately, if we can break above the downtrend line on at least a daily close, then I think we will begin the slow and methodical grind towards the top of the falling wedge, which is $16.

The alternate scenario is that we break down below the candle stick from the previous week, which would open the door to the $14.50 level, possibly even the $14.25 level after that, before eventually settling on the $14 handle.

Pay attention to the US dollar, if it rises, that should bring more bearish pressure on silver. However, if we see the US dollar fall in value, that could help silver rally over the longer-term. I do believe that silver will rally eventually, the question is whether or not it will do it here, or if we will get better pricing to do it from lower levels.

Please let us know what you think in the comments below