Silver Price Forecast – Silver Markets Show Resiliency After Dipping

Silver markets have pulled back during the trading session on Thursday initially, but then turned around to form a bit of a hammer shaped candlestick. Ultimately, the market looks as if it is trying to go higher, and therefore I think you should pay attention to the idea of a move towards the $18.50 level, and then eventually the $19.00 level. If we can break above there, then silver likely goes looking towards the $20 level which of course is a large, round, psychologically significant figure, and the scene of a major “melt up” that we had seen several years ago.

SILVER Video 15.06.20

Looking at this chart, I believe that we continue to go back and forth with buyers on the bottom eventually overtaking the sellers at the top. This is a very choppy type of scenario, but ultimately, I think that the market is going to continue to be propelled higher by central banks around the world doing everything they can to kill the US dollar and other fiat currencies.

After all, precious metals do get a significant amount of pressure to the upside due to the idea of devaluing paper currencies. The precious metals trade much better in a potential inflationary environment. This is a longer-term call, so in the meantime we will simply chop around. Having said that, if we break down below the $17 level, then we have the $16 level under their offering support as well.

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