Silver Price Forecast – Silver rallies on Trump comments

Silver markets had a bully session on Friday, gaining over 1% by the time I sat down to write this article. The $15.50 level has offered resistance though, and I think it represents a cluster of major supply. Because of this, I don’t know how much farther we go, at least in the short term.
Christopher Lewis
Silver daily chart, July 23, 2018

Looking at the longer-term charts, it makes sense that we bounced where we did. However, this was mainly predicated upon a tweet, and doesn’t necessarily mean that there is major demand quite yet. I think that pullbacks could be buying opportunities, just as a break above the $15.60 level would show fresh demand and that we would continue to go even higher. That being said, I think in the short term we will probably roll over and reach down towards the $15.30 area.

The markets continue to be very volatile, but the US dollar has been overbought, so I think that our relief rally is coming rather soon in silver. I would be a buyer of dips, but maybe not right away. I think that the $15.30 level makes a much better level to start looking to get involved. In the short term, we may have some selling and you could take advantage of that if you are quick enough. Overall though, I think that we are getting oversold longer-term, and I think that the volatility will keep a lot of traders away but if you have the ability to trade CFD markets, that may help you as you can size your position accordingly. Futures markets will probably be far too difficult to deal with as the margin is going to be massive. For those looking for a steady ride, this is not the market to be involved in these days.

SILVER Video 23.07.18

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