Silver markets have pulled back slightly during the trading session on Wednesday, but we continue to hover around the vital $17 level. That being said, it looks likely that we are going to continue to find buyers on dips due to the longer-term attitude of the market, and therefore it’s likely that we will eventually go looking towards the vital $17.50 level. If we can break above there, then silver should continue to go much higher, perhaps looking towards the $18.00 level. Short-term pullbacks continue to attract opportunities for buyers to pick up a bit of value, and therefore I believe that fiat currency will continue to suffer at the hands of precious metals.
SILVER Video 22.08.19
To the downside, the $16.50 level continues to be massive support, and therefore I do think that it’s only a matter time before we find buyers down there as well. Quite frankly, this is a market that continues to have plenty of fundamental and technical reasons to go long, but at this point obviously it’s going to take a lot of momentum to finally break above the 17.50 level so this pullback could be a simple momentum building exercise. All things being equal, we have central bankers and Jackson Hole trying to figure out what the next move is, so I suspect that any speeches will be parsed quite drastically, and of course could have a lot of influence on where markets in general go, especially the precious metals sector.
This article was originally posted on FX Empire
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