Silver Weekly Price Forecast – Silver markets retire during week

Silver markets broke out to the upside, breaking above the $15.00 level rather significantly, and even came close to touching the $15.50 level. That being the case, the fact that we have given back some of the gains should be a huge surprise, as it is a large, round, psychologically midcentury number.

SILVER Video 24.06.19

Ultimately, the Federal Reserve has softened its monetary policy, so it makes sense that precious metals will gain. The $16 level above should cause a lot of resistance, but I think it makes the most obvious target to the upside. That round figure should cause a lot of trouble but once we clear that we should then be able to go to the $17.00 level. I think that buying dips continues to be the best way going forward, as we have seen such a shift in sentiment. It’s not until we break down below the $14.85 level on a daily close that I would be interested in shorting this market, something that doesn’t look very likely to happen in the short term.

With the Federal Reserve on the soft side, precious metals markets in general should continue to strengthen, but as we have been in a downtrend for some time, it’s going to take a significant amount of effort so therefore it will make a significant amount of choppiness and volatility going forward. The 50 week moving average has offered resistance, and therefore I think we will continue to bounce around but I do favor the upside and look at value underneath as opportunities.

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