Silver Price Forecast – Silver markets bounced on Friday

Silver markets rallied a bit during the trading session on Friday, showing signs of life yet again. The uptrend line underneath should continue to support the market as well, just as the 50 day EMA will which is closer down to the $15.50 level. That’s an area that I think will show a lot of support as well. At this point, the market looks like it’s probably getting ready to form a bit of consolidation though, when I look at the weekly charts.

SILVER Video 25.02.19

The weekly charts have formed a shooting star, but we have a couple of hammers preceding it, and of course Gold is doing the same thing as these markets tend to move in the same direction. At this point, it’s likely that the US dollar will have the greatest influence on this market, and with a Federal Reserve that looks very loose, it’s likely that the US dollar will continue to fall over the longer-term. Precious metal markets will benefit from that, and I think that eventually we should break out to make a fresh, new high. Once we do that, then I think the market goes to the $17 level after that.

If we were to break down below the $15.50 level, then I think it opens the door to the $15 level again. Overall, this is a market that has a bullish bias, but it does look like we are running out of momentum. Just keep that in mind and you should do okay.

Please let us know what you think in the comments below