Silver Price Forecast – Silver markets continue to grind

Silver markets continue to grind a bit higher during the trading session on Tuesday as we see people position themselves ahead of the Federal Reserve announcement, with the rate cut likely coming.
Christopher Lewis
Silver daily chart, July 31, 2019

Silver continues to grind to the upside, as we have seen the lot of bullish momentum as of late, but the last couple of sessions have been more about consolidating the gains. Because of this, I think it’s only a matter time before traders start to buy the dips, and I do think that the $16.00 level below is massive support. I think at that point there will be a lot of interest in trying to go long on a bounce, so at this point it’s likely that the market gives you an opportunity to pick up value in what has been a very strong trend.

SILVER Video 31.07.19

If we were to break down below the $16.00 level, it’s likely that the market will then start to target the $15.50 level below. I think at that point it will become even more attractive to buyers, as it is essentially “cheap.” Ultimately, I think that there is no way to sell the silver market unless of course the Federal Reserve does something truly shocking like refuse to cut interest rates. I think that’s very unlikely, so more than likely we will get the opportunity to pick up silver and gold going forward for a longer-term move.

Looking at this chart, I also believe that the $17.00 level above is massive resistance that will be difficult to break above, as it is an area that has been massive support and resistance in the past. At this point, if we break above the $17.00 level, then it begins a longer-term “buy-and-hold” scenario. All things being equal I have no interest in shorting.

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