Silver Price Forecast – Silver continues to explode higher
Silver markets have rallied yet again during the trading session on Thursday, as we continue to see a lot of bullish pressure in the silver market. With that being the case it’s likely that we have gotten a bit overbought, and at this point a pullback seems likely. That pullback could be rather brutal, as people start to head for the exits. After all, over the last week we have gained $1.67 at the time of writing. That is a huge move in the silver market, and a lot of people will be more than willing to keep those gains. At the first signs of weakness, the market probably drops rapidly towards the $18.00 level.
SILVER Video 30.08.19
Beyond that, the $17.50 level and then the $17.00 level underneath after that. Ultimately, the market looks like it’s supported by the 50 day EMA even lower than that, so quite frankly this is a situation where it’s only able to be bought, so I’m looking for that exact play, trying to find value in a market that is obviously bullish. Quite frankly, I think that the silver market probably runs towards the $20.00 level above, which of course is a major figure. What’s interesting is that the move has been so quick. Ultimately, I think a reversion to the mean makes quite a bit of sense and therefore it’s likely that the value play comes back into favor. At this point, standing on the sidelines makes the most sense waiting for a better opportunity.
Please let us know what you think in the comments below