Silver Price Forecast – Silver markets continue to rally

Silver markets continue to show signs of strength as we have reached well above the $18.00 level, perhaps even knocking on the door breaking above the $18.50 level. At this point, we are getting a bit extended, but it’s obvious that you should be buying and not selling.
Christopher Lewis
Silver daily chart, August 29, 2019

The silver market rallied a bit during the trading session again on Wednesday, as we have reached towards the $18.50 level during trading. At this point, the market looks likely to continue going higher over the longer-term, but quite frankly this is a market that is getting a bit ahead of itself. At this point, it’s likely that we will get a pullback but that pullback should be a nice buying opportunity. I like the idea of finding value in the silver market, and other precious metals for that matter. The $17.50 level would be crucial on the way down, as it should show significant buying pressure, perhaps extending all the way down to the $17.00 level.

SILVER Video 29.08.19

In fact, it’s not until we break down below the 50 day EMA which is currently trading at the $16.45 level that I would be a seller. Ultimately, this is a market that is bullish and will remain so, but it also needs to find more buyers. At this point, you are simply “paying up” to be in the silver trade. Ultimately, I do think that we go to the $20.00 level but it’s going to take some time to get there. As we have gone parabolic of the last several sessions, I think that we may see a rather significant pullback. That pullback should be thought of as an opportunity to get involved in what is obviously a very bullish run. I have no interest in selling anytime soon.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.