Silver Weekly Price Forecast – Silver markets continue to stay in consolidation

Silver markets initially pulled back during the week, but found enough support, especially during the Friday session, to turn things around of form a nice-looking hammer. The hammer is at the bottom of a consolidation area that I have marked on the chart, so it makes sense that we continue to go sideways. However, we also have a massive shooting star from the previous week, so I think this shows that we are still in a very tight and range bound market overall. It is because of this that I feel the market is probably going through an “accumulation phase”, as the smart money is starting to pick up silver for the longer-term investment. I do believe that eventually silver goes much higher, but obviously you’re going to need to be very patient. I think that the market is one that is more of an investment for the longer-term trader, so this is a value proposition. We can clearly see that the $15.50 level has offered a major floor in the market, so at this point I prefer buying silver and holding onto it in a very low leveraged environment. In fact, most of my purchase history and silver has been through physical silver itself.

If we were to break down below the $15.50 level, that would be very negative, perhaps reaching down to the $15 level, then the $14 level. However, that does not seem to be very likely based upon recent price action.

SILVER Video 25.06.18

This article was originally posted on FX Empire

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