Silver Weekly Price Forecast – Silver markets form a less than impressive candle on support

Silver markets rally during the week but pulled back a bit as well. Ultimately, this is a market that is sitting on top of a major trend line though, so it should make for an interesting trade set up.
Christopher Lewis
Silver weekly chart, September 23, 2019

Silver markets rallied initially during the week, but gave back half of the gains to show signs of uncertainty. There is a gap underneath that should offer support just below the trend line, so ultimately it would make sense for silver to continue going higher. However, even if we did break down, the $17.00 level should also offer plenty of support. Ultimately, this is a market that is going to react to the geopolitical concerns and central bank loosening around the world. With that, it’s likely that offer plenty of bullish pressure for precious metals in general.

SILVER Video 23.09.19

The Silver markets gained 15% during the month of August at one point, so obviously it was a bit overdone. Regardless though, it’s obviously a very bullish market, so unless we get some type of massive break down it’s hard to imagine a scenario where people rush into silver and start selling. I believe that we will eventually go looking towards the $20 level, with the $18 level above offering significant resistance along the way. The market will obviously be very noisy, but at this point the market continues to find plenty of reasons to rally, and it’s hard to imagine that central banks suddenly change course and stop easing monetary policy. With that, it makes sense that silver and gold both continue to press forward, as it is one of the best hedges for loose monetary policy. With that, it’s only a matter time before the market participants jump back in.

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