Silver Price Forecast – Silver continues to be volatileSilver markets fell rather hard during the trading session on Friday, testing the 200 day EMA before bouncing slightly. At this point, it looks as if it’s going to be bullish longer-term, but this pullback may be simply what is needed to keep the market somewhat afloat.
Silver markets have broken above the $15 level recently, and by doing so we have reached towards the psychologically and structurally important $15.50 level. Because of that, I think that it is only a matter time before market participants continue to jump in and try to buy this market, pushing it higher. It should be noted that we bounce from the 200 day EMA and therefore longer-term traders are probably getting involved at this point. Big money jumping and certainly helps. The $15.50 level above is going to cause a significant amount of resistance though, so I think at this point it’s likely that the market will be very choppy in this general region but I do favor the upside.
SILVER Video 24.06.19
With the Federal Reserve stepping on the sidelines and becoming more dovish, it makes sense that the US dollar would fall, and therefore the precious metals market should continue to go higher. Looking at this, I think that the market probably goes to the $16.00 level, and perhaps even higher than that over the longer-term. I think that the $15 level underneath is massive support so a break down below there and perhaps even the 50 day EMA would be catastrophic for silver, and probably a complete change in attitude of the market yet again. Ultimately, I think that this market is one that you should be buying on dips and not selling it all as silver has a long way to go.
Please let us know what you think in the comments below