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Christopher Lewis
Silver weekly chart, July 29, 2019

Silver markets have rallied during the week, continuing the bullish pressure that we had seen from the previous week. We actually broke above the high from the previous week, which of course is a bullish sign, but we did pull back just a bit from there so at this point I think it shows that we have a fight on our hands. That being said, I think short-term pullbacks will be buying opportunities for longer-term traders, as the $16.00 level will be massive support, but then again so will the $15.50 level. In other words, I do like buying silver but I like to see some type of short-term pullback in order to take advantage of value.

SILVER Video 29.07.19

If we can break above the $17.00 level, then we could go towards the $18.00 level and beyond. I believe that we are in the process of trying to form a longer-term bottoming pattern, and longer-term I expect Silver to reach towards the $20.00 level after that. Short-term pullbacks will occur occasionally, but after this impulsive candle stick that we had seen the previous week, it shows that there is most certainly a definite shift in attitude of the marketplace. Obviously, central banks around the world cutting interest rates will continue to be a major driver of precious metals to the upside.

Don’t get me wrong though, the reality is that we had been in a very negative market for quite some time so it’s going to take a significant amount of momentum to finally break to the upside. In other words, that means we are going to need to get to work as buyers. It’s going to take some time, but eventually the buyers will win.

Please let us know what you think in the comments below

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