Silver Price Forecast – Silver markets rally to open up the week

Silver markets went back and forth during the trading on Monday, but ultimately settled on bullish pressure. At this point we are essentially in the middle of the silver market range, as the point of control for the last 30 days is at roughly $15.275 or so.
Christopher Lewis
Silver daily chart, July 16, 2019

Silver markets went back and forth during the day on Monday with an upward tilt, as we are basically at the “point of control” of the last 30 days, meaning the area where the most volume has been traded in the futures market. That being the case, it’s very likely that we aren’t ready to go significantly higher or lower, and we will simply continue to bounce around between the $15.00 level underneath and the $15.50 level above. At this point, the market is essentially right in the middle of this area, so I’m not overly compelled to put a lot of money to work in the silver market right now. However, there are couple of things that make me lean in one direction.

SILVER Video 16.07.19

The Federal Reserve cutting interest rates in July should continue to help silver and other precious metals as well, but the question now is going to be whether or not they cut 25 or 50 basis points. Another thing that we are going to be paying attention to is whether or not the Federal Reserve is likely to continue cutting, and if they do sound like they are more than likely going to do that, then it’s very likely that we will finally break through the $15.50 and start reaching towards the $16.00 level as well. All things in equal though, this is a market that will probably continue to chop around in the meantime. I believe that the $15.00 level underneath should offer massive support.

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