Silver Price Forecast – Silver markets going parabolic

Silver markets initially rallied during the trading session on Wednesday but continue to find it a bit difficult to go higher from here. That makes perfect sense, this chart starting to look like Bitcoin from a few years ago.
Christopher Lewis
Silver daily chart, September 05, 2019

Silver markets rallied a bit during the trading session on Wednesday again, but at this point this chart is starting to look more and more like the Bitcoin chart from quite some time ago. Unlike Bitcoin though, I believe that this market is going to continue to find plenty of upward pressure but a pullback is desperately needed. Simply put, markets cannot go in one direction forever. Yes, the next several days could see this market make a serious attempt to break above the $20.00 level, but at this point it’s much more prudent to look for some type of value in this market.

SILVER Video 05.09.19

After all, there is a gap down at the $17.50 level that would make a perfect buying opportunity if we go back down there to fill it. Typically we will fill gaps in the futures market, so I think it’s only a matter time before we get some type of significant rollover. I also recognize that the $18.50 level could create a bit of a bounce but as for Silver right now, you are either long of this market or you are on the sidelines. Anything else would be reckless at this juncture. If you are long of this market, then there’s no reason to get out, because quite frankly the market can become over exuberant for some time, but you may wish to take some of your profits at these lofty levels. Clearly, if you have been buying silver on the way up and are still involved, you cannot take a loss at this point.

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