Silver Weekly Price Forecast – Silver markets plunge for the week

Silver markets fell hard during the week, breaking down below the $14.50 level, but bouncing a bit on Friday. We are approaching serious support here, so this will be very interesting to pay attention to. The $14 level has been the scene of massive buying in the past, but we have certainly broken down a major descending triangle at this point, which could send this market even lower. However, a major fight is about to spark. · FX Empire

Christopher Lewis

Updated Fri, Aug 17, 2018, 10:48 PM

Silver markets broke down rather significantly during the week, slicing through the $15 level with these. In fact we got as low as $14.30 before bouncing a bit. The $14 level underneath is massive support, but I cannot help but notice that we have formed a bit of a descending triangle that has broken. We could go below the $14 level, and if we do I think that shows just how strong the US dollar would become. I do like buying silver longer-term, as I have stated several times in the past. However, I would not do so with leverage as you can dollar cost average a retirement account with physical silver. Remember, silver was eight or nine dollars for years before spiking to $50. This can happen again, and almost certainly will over the longer-term.

In the meantime, I suspect that the $14 level is a major barrier that will be difficult to overcome for the sellers. On a daily chart I might be willing to take a flyer, but the weekly chart doesn’t give me anything to sink my teeth into yet. However, I am watching the level just below with great interest, as it could open up a nice buying opportunity, or could open up the floodgates for the sellers. The next couple of weeks will be crucial.