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Silver Price Forecast – Silver markets continue to grind sideways

The silver market has gone back and forth during the trading session on Wednesday as we continue to wait for some type of clarity when it comes to monetary policy from several central banks around the world. We know that they are all going dovish, the question is how dovish?
Christopher Lewis
Silver daily chart, August 22, 2019

Silver markets have pulled back slightly during the trading session on Wednesday, but we continue to hover around the vital $17 level. That being said, it looks likely that we are going to continue to find buyers on dips due to the longer-term attitude of the market, and therefore it’s likely that we will eventually go looking towards the vital $17.50 level. If we can break above there, then silver should continue to go much higher, perhaps looking towards the $18.00 level. Short-term pullbacks continue to attract opportunities for buyers to pick up a bit of value, and therefore I believe that fiat currency will continue to suffer at the hands of precious metals.

SILVER Video 22.08.19

To the downside, the $16.50 level continues to be massive support, and therefore I do think that it’s only a matter time before we find buyers down there as well. Quite frankly, this is a market that continues to have plenty of fundamental and technical reasons to go long, but at this point obviously it’s going to take a lot of momentum to finally break above the 17.50 level so this pullback could be a simple momentum building exercise. All things being equal, we have central bankers and Jackson Hole trying to figure out what the next move is, so I suspect that any speeches will be parsed quite drastically, and of course could have a lot of influence on where markets in general go, especially the precious metals sector.

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