Silver Price Forecast – Silver markets exploded to the upside

Silver markets exploded to the upside during the trading session on Tuesday, as we approached the $18.00 level. That is a significant turn of events, as we continue to see a lot of bullish pressure.
Christopher Lewis
Silver daily chart, August 28, 2019

Silver markets rallied significantly during the trading session on Tuesday, as we continue to see a lot of bullish pressure and precious metals overall. With the lot of uncertainty out there, it makes sense that silver continues to see buyers, and I think at this point we are a little over bought at this point, so I think it’s only a matter of time before buyers come in to pick up a bit of value. At this point, the $17.00 level should offer rather significant support, as it was the scene of the last impulsive move higher. Even below there though, I think there’s plenty of support.

SILVER Video 28.08.19

The $16.50 level is also supported, and there is the 50 day EMA trying to reach towards that level. That is a significant technical indicator and will bring traders back into the fold. Silver has been rallying due to people running from fiat currency, but at this point it’s likely that the trend will continue. At this point, it’s very likely that the market needs to pullback in order to find enough value. At this point, I have no interest in shorting this market, although I would anticipate that the market will find plenty of buyers underneath. With that being the case, it’s a simple matter of waiting to find value in a market that is most certainly bullish. The market breaking below the 50 day EMA would have me rethinking the entire situation, but that seems to be very unlikely at this point. Quite rightly, I remain bullish but we are just a bit too overextended.

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