Silver Price Forecast – Silver Markets Break Out With StrengthSilver markets rallied significantly after gapping a bit on Tuesday. We are now firmly above $21, showing that silver has clearly found a lot of buyers.
Silver markets look extraordinarily bullish at the moment, as we have seen a massive move, well beyond $1.00, something that is rather big for this market. The extraordinarily bullish candlestick does suggest that we have further to go in the silver market, as the $20 level being left behind is a major turn of events. At this point it is a simple matter of buying silver when it dips. This makes quite a bit of sense, when you think about what is going on around the world as far as central banks are concerned.
SILVER Video 22.07.20
The Federal Reserve continues to liquefy the markets, thereby flooding the market with US dollars. This in and of itself will cause people to run towards hard assets, but at the same time the Europeans just agreed to a fiscal stimulus package, which certainly suggests that we are going to see a lot of easing out of that area as well. In other words, it is a perfect “precious metal scenario”, and it is likely that silver will be a major beneficiary of this.
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Gold has already shown signs of strength previously, and as I record this video is breaking out to the upside as well. With that being the case, I think that both of these markets continue to offer plenty of value, with silver offering an obvious area of support near the crucial and psychologically important $20 region. To the upside, I think this is more or less a “buy-and-hold” type of scenario, so it is hard to have a hard target at this point in time.
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