Silver Price Forecast – Silver Markets Bounce From Big Figure

Silver markets have rallied a bit during the trading session on Wednesday, as the $15 level continues to be somewhat important. This is not to say that we can break down, but it certainly is an encouraging sign for a market that has struggled a bit. I still believe that silver will probably lag gold, and therefore I am not is bullish of silver as I am gold, but I recognize that there is a significant amount of value in silver.

SILVER Video 23.04.20

The candlestick formation is forming a harami, which is a bullish reversal pattern. That being said, I do not know how much upside we have in the short term. It is highly likely that we will struggle at the 50 day EMA. For a short-term trade, this probably works out, but as far as longer-term trading is concerned you need to step away from the store futures market and begin looking at physical silver, something that I quite often.

To the downside, if we break down below the candlestick from the trading session on Tuesday, it more than likely will open up a potential move to the $14.00 level underneath which is a large, round, psychologically significant number, but perhaps more importantly the bottom of the flag that has been formed from the bottom. That being said, although there is a little bit of downside risk, at this point, there seems to be much more upside than down so I bullish, but I also recognize you have a lot of noise just above the deal with.