Silver Weekly Price Forecast: Silver Continues to Grind Higher

NEW YORK (Dec 24) Silver markets have been slightly positive for the week, as we continue to see a lot of fighting to keep this market higher. Ultimately, I think a lot of people try to preserve wealth with silver at the moment, so we may be detaching ourselves from the interest rate markets, and therefore we should continue to see a lot of interest in silver. At this point, a little bit of a pullback could be coming, but I think that will only be thought of as a potential buying opportunity.

If we break above the top of the candlestick then it opens up a move to the $25 level, something that I think probably happens given enough time regardless. The US dollar falling can help this market, but it’s also possible that the dollar can rise right along with precious metals, despite what a lot of people tell you. All you have to do is look at the 1980s, which is a very similar economic situation to what we are in right now, to see that it’s possible.

When you look at this chart, you can see that we are getting a little exhausted, but that makes a lot of sense considering the impulsive move higher and of course the time of year. With this, I think we are more likely than not going to see sideways action over the next week or maybe even 2, perhaps even a pullback, and then we will turn around and go higher. If we were to break down below the $22 level, that could change everything, but I doubt that is going to be the case, at least not very easily.

FXEmpire