Silver Weekly Price Forecast – Silver markets exploded to the upside

Silver markets gapped higher to kick off the week and then shot straight up in the air. That being the case, it looks as if we are in the beginning of a “blow off top”, and it’s likely that we could get a pullback. Quite frankly, I welcome it and will be more than willing to take advantage of it.
Christopher Lewis
Silver weekly chart, September 02, 2019

Silver markets gapped higher to kick off the week, and then reached towards the $19.00 level during the week. We did pull back a bit from there, and it’s very likely that we will, I think that there are plenty of buyers underneath near the $17.00 level. Beyond that, I think there is also support at the gap above there as well, so it’s only a matter of time before buyers get involved and push this thing to the upside. Quite frankly, with the massive amount of liquidity being pumped into the market by central banks, it makes sense that so-called “hard money” will more than likely be in demand. Silver certainly fulfills that need.

SILVER Video 02.09.19

To the downside, if we were to clear the $16.00 level it would be catastrophic for silver but I don’t see that happening anytime soon. I do expect a week or two of negativity but given enough time it will only be a matter of looking for value going forward. At this point, we have simply gotten ahead of ourselves but beyond that it’s only a matter of time before people come into Silver looking for it “on the cheap.” Quite frankly, it’s not until we get some type of change in the attitude of the central bank that silver will struggle for any length of time. At this point, it’s only a matter time before we pull back but look at it as an opportunity.

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