Silver Price Forecast – Silver markets all over the place on Wednesday

Silver markets went back and forth during the day on Wednesday, after initially gapping higher. At this point, it is a relatively neutral candle stick, but at this point it’s also already filled the gap, so at this point it just shows a lot of volatility.
Christopher Lewis
Silver daily chart, July 04, 2019

Silver markets went back and forth during the trading session after gapping higher on Wednesday, showing a clear range as to where the market wants to deal with. The $15.25 level underneath should be support, while the $15.50 level above should be resistance. That being the case, it makes a lot of sense that you should look towards extremist to play off of. Overall though, we are above the 200 day EMA so Silver should be somewhat bullish. Pay attention to the US dollar, because as it falls in strength it makes precious metals look much better.

SILVER Video 04.07.19

Looking at the economic situation, we do see a lot of central banks out there looking to ease monetary policy, so quite frankly it makes sense that precious metals should continue to be in demand. Underneath, we have the 200 day EMA at the $15.16 level, and then of course the $15.00 level underneath which is the scene of a gap both offering support. If we can break above the $15.50 level, then the market should go looking towards the $16.00 level which has been my longer-term target. That being said, if we were to break down below the $15.00 level, then the market could very well go down to the $14.75 level, possibly the $14.50 level after that. Ultimately, this is a market that has quite a bit of strength underneath it, so I believe it’s only a matter time before the buyers come back in to pick up value.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.