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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.

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