Silver Price Forecast – Silver markets tried water on Monday

Silver markets did very little during the trading session on Monday, as the market awaits the Federal Reserve decision, statement, and of course press conference this week.
Christopher Lewis
Silver daily chart, July 30, 2019

Silver markets went back and forth during the trading session on Monday as we continue to tread water just below the $16.50 level. That is an area that of course is significant resistance, as the market does tend to move in $0.25 and $0.50 increments. With that in mind, I believe that the $16.00 level underneath is massive support as well, so I’m looking for some type of pullback towards that area to get involved. That would represent value to me, and I would be more than willing to jump in and take advantage of set ups that form in that level.

SILVER Video 30.07.19

If we were to break down below that level, then it’s very likely that we are going to see a significant amount of support near the $15.50 level next. I do like this market in general, but I do also recognize that we may have gotten a bit ahead of ourselves. At this point, the market looks very likely to continue to favor the upside considering that the central banks around the world look to continue a loose monetary policy, and of course the Federal Reserve is going to be no different. If they can be down the value of the US dollar, then it’s very likely that silver will get a bit of a boost due to that.

At this point in time, I do believe that we will go to the $17 level, which is a major resistance and round figure number. At this point, I think that the market is going to continue to be one that you look for value and take advantage of when it shows itself.

Please let us know what you think in the comments below

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