Silver Weekly Price Forecast – Silver Markets Show Resiliency

London (Jan 24)  Silver markets have broken down a bit during the trading sessions that make up the previous week but bounced again as we did during the previous week. That being said, it’s very likely that the market will continue to find value hunters, trying to take advantage of the silver market being cheap over the last couple of weeks. The shooting star that formed a couple of weeks ago struggled at the $19.00 level, and it’s likely that the market will continue to look at that area as a major resistance. I do think that looking around the markets globally, it looks as if we are going to see more of a “risk off” type of move.

That does help silver, as it is a precious metal so therefore it’s likely that the market participants continue to flock to these precious metals in order to avoid trouble. The market has been extraordinarily resilient over the last couple of weeks, and although we had an overextended move to the upside, it looks as if the market is comfortable grinding away in this vicinity and killing time, which of course is a sign that perhaps we can go much higher over the longer term. This doesn’t mean that it will be easy, therefore short-term pullbacks should be thought of as potential buying opportunities, as silver certainly looks like it’s ready to go much higher. Ultimately, I believe that we can break above the $19.00 level, and then perhaps even to the $20.00 level.

FXempire