Silver Price Forecast – Silver markets rally again on Tuesday

Silver markets rallied significantly during the trading session on Tuesday, as we start to make a move towards the $16.00 level. At this point, I think short-term pullbacks will be nice buying opportunities, as the US dollar is starting to soften. We have a nice uptrend line underneath that I had talked about previously, and it has held. So far, we have made a “higher lows”, meaning that we are looking very likely to continue to grind to the upside.

SILVER Video 20.02.19

Silver markets of course do tend to lag gold, which has broken out. At this point, the market looks very likely to continue going higher, as gold is reaching towards the crucial $1350 level. Short-term pullbacks will continue to be buying opportunities in both markets, as I believe the Federal Reserve softening its stance on monetary policy is going to continue to drive precious metals higher, and of course the geopolitical issues will probably drive the precious metals higher as well, people looking for a bit of safety. We have concerns about global growth, and of course the trade wars continue to drive a bit of a fear trade into the precious metals sector as well.

With even more telling is that central banks are buying gold hand over fist, and that of course can drag Silver right along with it as the two do move in the same direction. Ultimately, this is a market that I have no interest in selling and I believe that the uptrend line and the $15.50 level both offer massive support.

Please let us know what you think in the comments below