Silver Price Forecast – Silver Markets Continue to Find Buyers

Silver markets initially pulled back a bit during the trading session on Wednesday as the $28 level looks to be a bit resistive. However, we have also found buyers underneath, showing signs of support. The hammer for the trading session matches the hammer from the previous session, so it does suggest to me that we are going to see a move higher given enough time. Ultimately, I think that this market will find plenty of interest by traders out there, as we continue to see the Federal Reserve flood the markets with liquidity, I do believe that silver will continue to be one of the better performers.

SILVER Video 20.08.20

Having said that, we are looking to see a bit of stability going forward, so expect a bit of sideways action. All things being considered, this is a market that I think will have plenty of interest for various reasons, not the least of which would be the Federal Reserve flooding the markets with greenbacks. Remember, commodities in general do fairly well when the US dollar falls, because everything else is also measured against the US dollar as well.

Ultimately, I like the idea of the $25 level being a massive support level, and therefore it is not until we break down below there then I would become concerned. Ultimately, the 50 day EMA is reaching towards that area as well, so I think that it is only a matter of time before buyers continue to go into this market and try to push this market towards the $30 level.

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