Silver Price Forecast – Silver markets explode to upside

Silver markets have broken above the $17.50 level, an area that of course has caused quite a bit of attention. At this point, the market looks likely to continue to go higher, but we may get a short-term pullback occasionally. Short-term pullbacks should be thought of as value, because it gives us an opportunity to pick up silver “on the cheap.” The US dollar strengthening could work against the value of silver as well, but if it’s a rush to safety both can go up at the same time.

SILVER Video 27.08.19

Looking at the chart I think that there are plenty of reasons to think that the $17.00 level underneath would be massive support, as we have seen a launch from that level. The next target of course I believe is the $18.00 level, which is a large round whole number. The silver market tends to move in $0.25 increments, and therefore I think you should pay attention to those levels as well. Quite frankly, the $17.75 level did offered enough resistance to be interesting during the day, but I think it will eventually give way. That little short-term pullback could be a buying opportunity that you need to see to pick up value if you are not already long of the market.

For what it’s worth, the 50 day EMA is starting to reach towards the $16.50 level, and that of course is something to pay attention to with as well as it tends to show us where the “floor” in the uptrend is.

Please let us know what you think in the comments below