Silver Weekly Price Forecast – Silver Markets Choppy

Silver markets have gone back and forth during the course of the week, showing signs of choppiness and indecision. By doing so, this suggests that the market is simply focusing on whether or not there is enough stimulus out there, as later in the week there were concerns about whether or not Joe Biden could get a $1.9 trillion stimulus package through Congress. Silver will move back and forth based upon these expectations, but there is still a lot of support underneath and therefore I do not have any interest in shorting silver until we break down below the 50 week EMA, or essentially the $22 level. This means that we could continue to go lower in the short term, but I do think longer term we will continue to see buyers attracted to the precious metals markets.

SILVER

The $26 level is resistance above, and I think that if we can break above there then it could open up a move towards the top of the candlestick from the previous week, reaching towards the $28 level. If we can break above there, then it is likely that the market could go towards the $30 level. Once we break that level, then this market is ready to go much higher. I think we will continue to see noise over the next couple of weeks but from a longer-term standpoint I truly like silver a lot. In fact, I not only have been trading silver in the futures market, but I have been buying physical silver as well.