Silver Price Forecast – Silver markets break out

Silver markets broke out during the trading session on Tuesday, clearing the $15.50 level in a sudden relish of buying. This is truly interesting, considering that the Gold markets did not do the same. This seems to be a move specific to silver itself.
Christopher Lewis
Silver daily chart, July 17, 2019

During the trading session on Tuesday we have seen the silver market break out above the $15.50 level. This is obviously very bullish turn of events, and it now looks as if we are going to go towards the $15.75 level, which is typical of this market, moving in $0.25 increments. I recognize the $15.50 level should be supportive, so therefore it’s very likely that we are going to see pullbacks bought at this point, as silver has shown such strength.

SILVER Video 17.07.19

Keep in mind that the Federal Reserve is going to cut interest rates, so that will more than likely put upward pressure on metals in general. However, Silver was on its own during the trading session which is very odd. That being said though, silver has outperformed gold during the day, and it is the only thing you should pay attention to. This could foretell of buying in the gold market, or perhaps it shows that we are going to see silver take the leap. Either way, precious metals do appear to be going higher and therefore I don’t have any interest in trying to short either one of them.

The candlestick of course is very bullish and the fact that we are closing towards the top of it shows that there is a lot of momentum still here, so I think pullbacks continue to offer the best opportunities to get long of silver, and therefore I will be looking for buying opportunities only. I have no interest in shorting either one of the precious metals markets these days.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.