Silver Price Forecast – Silver Markets Continue Rallying

Silver markets have initially pulled back slightly during the trading session on Tuesday only to see buyers come back in and pick this market up again. At this point in time, the market looks as if it is conquering the $28.50 level, and then possibly towards the $30 level. Ultimately, this is a market that has plenty of support underneath, so I like the idea of buying pullbacks as they offer value in what is very obviously a bullish trend. This is a market that I think will continue to see a lot of buying due to the fact that the Federal Reserve continues to flood the market with currency. As long as that is going to be the case, it is very likely that commodities will rally rather significantly over the longer term.

SILVER Video 19.08.20

Having said that, the $30 level is a large, round, psychologically significant figure and if we can break above there it is likely that the market goes looking towards the $35 level next. Given enough time, the market is likely to go looking towards the $50 level, which is an area that has been tested a couple of times during the previous melt ups that we have seen in the silver markets. As long as the Federal Reserve will continue to flood the market with dollars, it is only a matter of time before silver rallies again. I look at pullbacks as “cheap silver” and will jump on them every time they happen. The 20 day EMA has offered significant support, and it looks as if it is going to head towards the $26 level next.

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