Silver Price Forecast – Silver markets exploded to the upside again

The silver market rallied significantly during the trading session on Wednesday again, breaking above the $15.75 level. Ultimately, this is a market that looks as if it is ready to go to the $16.00 level, a target that I have been calling on for some time. After the action on Wednesday, it seems as if it’s all but a technicality.
Christopher Lewis
Silver daily chart, July 18, 2019

Silver markets broke above the highs of the previous session on Wednesday, showing signs of real strength. By breaking above the $15.75 level, it suggests that we are ready to go to the next major level, the $16.00 level. Underneath, I see the $15.50 level as support, as it was a previous resistance barrier, and therefore it’s likely that the area should offer a lot of support. I think that it is only a matter of time before the buyers would come back in that area. If we did break down below the $15.50 level, then the market will more than likely look towards the 50 day EMA, or perhaps even the 200 day EMA.

SILVER Video 18.07.19

We are a bit overextended at this point, and at this point I think that it is only a matter time before we get some type of value play, and obviously shorting Silver right now would be very difficult. Signs of exhaustion could be hints to get out of the market, but I think it’s much easier to buy that short-term pullbacks. Overall, this is a market that shows that it understands that the Federal Reserve is going to be cutting interest rates, and that should drive up the value of precious metals in general. That being the case, I believe that we will not only reach towards the $16.00 level, but possibly higher than that.

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
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.