Silver Price Forecast – Silver Breakes Major LevelSilver markets broke higher to clear the significant $19 level, which is a huge win for the bulls. It looks like it will retain its “buy on the dips” attitude.
Silver markets have shot higher during the trading session on Wednesday, finally clearing the stubborn $19 level. This is an area that has been rather difficult to overcome, and now that we have it is likely we will continue to see this market fight to the upside. With that in mind, I like the idea of buying pullbacks as they will offer value in what is clearly a very bullish market. Now that we are blowing past the $19 level, I fully anticipate that we will go looking towards the next psychologically significant figure in the form of $20.
SILVER Video 09.07.20
At the $20 level I would anticipate a lot of resistance, but it more than likely will be temporary at best. Once we break above there, then the market has a clear path towards the all-time highs again. It is going to take a while to get all the way up towards the $50 level, but I think that is where we are going with all of the central bank currency printing right now, as silver is almost certainly moving more on a precious metals aspect than anything else currently.
I do believe at this point, it has nothing to do with industrial demand, and everything to do with those central banks. That being said, I remain bullish, but I am looking for opportunities to pick up short-term dips more than anything else as this market will continue to favor the upside. Obviously though, there will be the occasional hiccup, but I plan on taking advantage of those.
For a look at all of today’s economic events, check out our economic calendar.