Silver Weekly Price Forecast – Silver Markets Show Huge Candle for the Week
Silver markets have gone back and forth during the trading week, as we have fallen as far as $24 level, and has reached as high as $29.50 at one point. Ultimately, this is a market that I think will be very noisy and stay in this range for a while, but I do believe that we are going to eventually break out to the upside. Ultimately, this is a market that I think is one that you can buying dips but you may have to go down to the daily charts in order to do so, as the weekly candlesticks are so huge that it is difficult to get a reasonable risk to reward ratio.
SILVER Video 17.08.20
If we were to break down below the weekly candlestick, I still would not be a seller, as the $20 level should be massive support. In fact, I hope that happen so I can pick up silver “on the cheap.” That is an area that I think would be representative of a bargain, something that everybody likes.
I think the Federal Reserve loosening monetary policy will continue to be the overall driver here, and therefore I think it makes sense that a falling US dollar will continue to push the precious metal markets higher, including the silver market. I would caution using too much in the way of leverage though, because the markets are likely to see a lot of volatility, which is the way of silver in general. Ultimately, I like the idea of buying and holding for a much bigger move, but a little bit of value could go long way here.
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This article was originally posted on FX Empire
