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Silver Weekly Price Forecast – Silver markets test support

Silver markets fell during most of the week but did find support towards the end of the day on Friday, showing signs of hope. At this point, we have a couple of things to pay attention to determine where we go next.

Silver markets fell during most of the week, reaching down towards an uptrend line that I have drawn on the chart. Beyond that, we also have the 50 week EMA offering support at the vital $15.50 level. That’s an area that should cause a significant amount of interest due to the fact that it was a pivot last time to go higher, and I think that we are likely to see at least some buying pressure in this area. Pay attention to the US dollar it will be crucial as to where we go next. I believe that the market breaking down below the uptrend line would be a very negative sign though, and we could drift down towards the $15 level underneath. That’s an area that will of course offer quite a bit of support as well, so the question now is whether or not that trend line can hold.

SILVER Video 18.02.19

Looking at the chart, the $16 level above is resistance, and significant resistance at that. If we can break above the $16 level, the market could then go to the $17 level but I think it’s going to take a lot of work for that to happen. Ultimately, if we break down below the uptrend line, that could send this market down the $15 rather quickly. I think that the next couple of weeks will be crucial and what we do with silver, but at this point it’s likely that the volatility will continue, I do like buying though in general as I think eventually the US dollar starts to lose its luster during the year. However, I would do very little in the way of leverage.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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