Silver Price Forecast – Silver markets rally for Tuesday session
Silver markets initially when sideways during the trading session on Tuesday but found enough support at the $15.30 level to turn around and reach towards the $15.50 level. This is an area that has been resistive in the past, but I would point out that the most recent low is higher than the previous one, so it shows that there is certainly building demand in this market. It makes sense though, because the US dollar has taken a bit of a beating lately, but more than that, we are in the major demand zone on the longer-term charts. I believe that there is a humongous amount of support extending down to the $15 level underneath, which is a large, round, psychologically significant number, in the scene of a massive buying the last time we were down in this area.
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I believe that the market should continue to go higher over the longer-term, and I believe that investors are starting to pick up silver because it is cheap, and I believe that given enough time we will see the strengthening of Silver. Remember, J.P. Morgan has been shorting this market in the Comex markets for ages, but eventually when the buyback their positions, it’s likely that we will be ready to explode to the upside. Prices have been manipulated, and it’s only a matter of time before they buyback plenty of positions to make the market should higher.