Silver Weekly Price Forecast – Silver Continues to See Buyers on Dips…

Silver Markets Weekly Technical Analysis

The silver market has fallen a bit during the course of the week, but it looks like we are starting to see the $30 level offer support yet again. All things being equal, this is a market that I think continues to see a lot of noisy behavior. And it is probably worth noting that the $32.50 level has caused a bit of a sell-off, as it is a large, round, psychologically significant barrier and an area that now is in the midst of possibly forming a double top.

If we turn around and fall from here, the $30 level underneath could offer support, but if we break down below it, then I think silver really starts to take off to the downside, perhaps reaching down to the $28 level. In general, this is a situation where silver continues to be very noisy, but I do think it favors the upside overall, as we’ve been in a nice run higher, and it is worth noting that although we are in the midst of forming a little bit of a double top, we did reach a little higher this last time than the one before it, so technically speaking, we are attempting to break out.