Silver Weekly Price Forecast – Silver Markets Continue to Show Strength After Major Breakout

Silver markets have had an explosive week to the upside, gaining well over $3 in what has been a massive breakout. With the Federal Reserve working feverishly to pop liquidity into the markets, it makes sense that precious metals are taking up. Quite frankly, the silver markets had lagged the gold markets for some time, so this was somewhat telegraphed previously. With that being the case, it is likely that we will see a bit of a pullback due to the fact that we have gotten ahead of ourselves. However, I also recognize that we are more than likely going to see buyers at lower levels come in and try to pick up a bit of value. Now that we have made this move, I think it becomes somewhat obvious that the trend is most decidedly higher.

SILVER Video 27.07.20

Having said all of this, you cannot buy silver appear as it is so overdone that you will probably have to sit through days if not weeks of pain in order to get back to breakeven. Markets do not go straight up in the air like this forever, so you need to find some type of pullback in order to make the risk to reward ratio worth it. The remarkable move certainly will invite a lot of momentum chasers, but those people tend to get hurt by the time it is all said and done. However, if you are patient enough you can take advantage of what is obvious, and that is that we have kicked off the next leg higher. Look for value, think about buying silver like you do anything else, try to find a good price.

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