Silver Weekly Price Forecast – Silver Market Show Strength

Silver markets rallied significantly during the week but did get back some of the gains as we broke above the $18.00 lower. Keep in mind that the silver markets are going to continue to react to central banks around the world causing liquidity measures to be considered, as quantitative easing and interest rate cuts continue. At this point, this is a green candlestick after several quiet ones and that tells me that the market is likely to go higher instead of lower. Beyond that, the market looks as if it is forming a bullish flag, and at this point it very well could go much higher based upon this flag.

SILVER Video 28.10.19

If you use the flag as a measuring guide, this market could go as high as $22 over the longer term. Obviously, it would take a lot of effort to get there, but silver markets have seen explosive moves in the past and we are most certainly still in an uptrend although the most recent moves have struggled. When you get a 15% gain during the month of August alone, it makes quite a bit of sense that you may see a bit of a pullback like we have had. It now looks as if the market is ready to make a move again, and with the Federal Reserve meeting on Wednesday and announcing an interest rate decision, this could be the catalyst to see silver go much higher. The selling isn’t even a thought until we break significantly below the $17.00 level.

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