Silver Weekly Price Forecast – Silver markets exploded to the upside

The Silver markets exploded to the upside, breaking through major resistance at the $15.50 level, and then reaching towards the 200 week EMA. That being said, the Friday session is a little bit of a pullback.
Christopher Lewis
Silver weekly chart, July 22, 2019

Silver markets broke higher during the trading session on Monday, and then continued all the way through the rest of the week. Ultimately, this is a market that should continue to see plenty of buyers underneath, but although we pulled back a little bit during the Friday session, I think it is but a blip on the radar as we continue to try to press higher.

SILVER Video 22.07.19

That being said, this candlestick is a little bit overdone so a pullback makes sense. However, I would also point out that a strong candlestick like this is not to be ignored. In fact, this is a candlestick that is bigger than any of the last several years. With this, I believe that we are eventually going higher and we will eventually look towards the $17.00 level. With all of that, I am bullish, but I also recognize that you should be looking for value. After all, the silver market is rather choppy in general.

The central banks around the world are cutting interest rates so that of course should give a lift to precious metals overall. I think at this point it’s simply a matter of trying to protect against a falling US dollar, which of course this market is priced in. The US dollar being sold off means that it will take more of them to buy raw commodities and most importantly precious metals. That being the case, I think it’s only a matter time before we turn right back around after a short-term pullback.

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