Silver Price Forecast – Silver rallies significantly after GDP miss

Silver markets have turned around completely during the trading session on Friday, reaching towards the $15.50 level. This is an area that I think is rather significant, as we have seen major buying pressure just underneath. At this point and based upon what I have seen on the weekly charts, I think we need to start looking for buying opportunities. Silver traders have become far too bearish, and we have seen this pattern more than once, buyers will come in and pick this market up underneath the $15.50 region. I also believe that the $15.00 level underneath is massive support.

I believe that we break down below the $15 level, buyers will become even more aggressive. Quite frankly, when I look at the currency markets it’s obvious to me that several of the major currencies are trying to form a bit of a base against the greenback, and if they turn around like I think they are going to based upon technical setups, we could see the precious metals pick up as well. I believe that the market will continue to find plenty of interest underneath, so at this point I am a “buy on the dips” type of trader in this market, completely turning around the overall attitude. That doesn’t mean that this will be an easy trade, so by all means make sure you trade small bits and only add as it works out in your favor.

SILVER Video 30.07.18