Silver Weekly Price Forecast – Silver Markets Have Rough Week

Silver markets have initially tried to rally during the course of the week, but the area above the $28 level continues to cause quite a bit of trouble. Between the $28 level and the $30 level I think that there is a significant amount of resistance, so it would not be a huge surprise to see silver pull back just a bit in order to build up the necessary momentum to break above that huge barrier. All things being equal, I think that this is a market that will probably continue to see a lot of pressure due to the idea of the reflation trade, and the increased demand for silver from an industrial standpoint.

SILVER Video 01.03.21

In other words, I am looking for dips that I can buying, because quite frankly this is a market that I think given enough time we will see the stimulus get passed in the United States, and then a massive amount of demand for industrial metal will start to push silver and other metals right along with it. With that being the case, I like the idea of finding value and I do think that it will appear sooner rather than later. The $24 level should be supportive, and I believe that the absolute “floor the market” is closer to the $22 level. To the upside, we could go as high as $50 if we can get a significant break out above the $30 level that I am hoping for. Until then, I am looking for dips as opportunities to get involved in what I believe is a longer-term cyclical market. I have no interest whatsoever in shorting.

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