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Silver Price Forecast – Silver markets slightly positive for Tuesday session

The Silver markets have been dancing around the $70.00 level for the last couple of weeks, as we have seen a lot of back and forth trading. Ultimately, silver is bullish but we may be trying to digest the lot of upward momentum before moving forward.
Christopher Lewis
Silver daily chart, August 21, 2019

Silver markets continue to show signs of life, as we have rallied quite nicely during the trading session on Tuesday, but we still find ourselves dancing around the $17.00 level. That is an area that of course attracts a lot of attention, but I do think that the market is bullish regardless. Central banks around the world continue to ease monetary policy so that of course has precious metals going higher. At this point, I think a pullback is probably a nice buying opportunity based upon value. The 50 day EMA underneath is at roughly $16.15, and it looks like we are going to see that EMA reach towards the $16.50 level, an area that should naturally be supportive anyway.

SILVER Video 21.08.19

If we can break above the $70.50 level, then I think it’s very likely that the market continues to go towards the $18.00 level. With that, I like the idea of buying dips and value as it presents itself, but I believe ultimately what we are going to see is value hunting coming back in, as we have the Jackson Hole Symposium going on this week, with a whole slew of central bankers out there more than likely “racing to the bottom” when it comes to fiat currencies. That puts a lot of money into the precious metals markets to protect wealth, and therefore we should continue to write this wave higher. At this point, I don’t have the plans on shorting Silver anytime soon.

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