Silver Price Forecast – Silver Markets Continue to Grind Higher
Silver markets rose somewhat to start the week on Monday, but then recovered almost immediately to the $ 18.15 level. At this point, we are seeing some noise that extends to the $ 19 level. So I like the idea of buying short-term pullbacks that offer little value. I think we will continue to see major concerns about global growth in favor of precious metals as people worry about the safety of their funds. In addition, we also need to consider the industrial side of the equation, since silver is an industrial metal. This is because overall industrial production tends to rise and fall in demand.
SILVER video 23.06.20
With all of this in mind, I think gold continues to outperform silver since we see more of a risk-out trade, but I think silver is doing some catching up. The broken level of $ 18.50 opens the door to the $ 19.00 level and finally to the $ 20.00 level. If we can break up there, it will free the silver market to go much, much higher.
On the downside, I see the $ 17 level as a significant support as we have not only seen it blow the market up again, but also the big round aspect and of course the 50-day EMA in the same area . If all things are the same, I think we'll essentially be between $ 17 and $ 19 until we can make a longer-term decision.
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This article was originally published on FX Empire
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