Silver Weekly Price Forecast – Silver Markets Have Strong Week

Silver markets rallied during the week, reaching towards the $20 level before pulling back a bit. We are getting a bit parabolic, so do not be surprised at all to see this market pullback in order to find more momentum closer to the $19 level, which was a major resistance barrier, so it should now be massive support. I think we may have a couple of days of weakness ahead, only to turn around and roar to the upside. However, if we were to break above the $20 level right away, that would show that we are ready to enter the next great leg higher.

SILVER Video 20.07.20

I do not really have a scenario in which I am willing to sell silver right now, because it would take a major shift in attitude of central banks to central banks around the world to have precious metals dropping. Silver has an industrial component that makes it a little less attractive than gold, but it does tend to follow the same directionality eventually. All things being equal, I believe that silver will continue to benefit from the central banks more than, not to mention the Federal Reserve which is probably the worst. With this, there will be an explosive move if and when it happens, but keep in mind that we are stretched so I think that the pullback is going to be necessary for that breakout. To the downside, I see massive support not only a $19, but also below it $18. Expect volatility in choppiness, but a general upward slope.

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