U.S. Markets closed

Silver Price Forecast – Silver markets rally on Wednesday

Christopher Lewis

Silver markets continue to look very bullish, as we find ourselves breaking two fresh, new highs. Ultimately, this is a market that continues to show signs of strength though, as buyers come back into the fold. With the Federal Reserve looking likely to cut interest rates, it makes sense that we will of course continue to see Silver rallying. At this point, it’s very likely that the market is going to go towards the $70.00 level above. That’s an area of major resistance and of course with it being a large, round, psychologically significant figure, it’s very unlikely that we will just slice rate through there.

SILVER Video 25.07.19

Short-term pullbacks should continue to see plenty of support near the $16.25 level, possibly even the $16.00 level after that. Overall, this is a market that continues to shine, as fighting this trend is nothing short of dangerous. I do look at the occasional pullback as a buying opportunity and have no interest in trying to fight at this point. All things being equal, it’s very likely that we are going to see noise on the way up, but $17.00 is almost a foregone conclusion at this point.

If we were to break down below the $16.00 level, that would of course be very negative, and therefore I would have to rethink the entire situation. If we were to break down through there, then the market would probably go looking towards the $15.50 level after that. Silver has a longer-term bullish attitude toward it, but $17.00 is going to be difficult to break above. Once we do, that could start a longer-term “buy-and-hold” rally.

Please let us know what you think in the comments below

This article was originally posted on FX Empire