Silver Price Forecast – Silver markets break 50 EMA

Silver markets have rallied nicely during the trading session on Tuesday, slicing through the 50 day EMA. That’s a very bullish sign, but I do think that there is a lot of resistance above that extends to the $15.00 level. I think what we are looking at is an opportunity to short this market again, however if we were to break above the $15 level, then I think the silver market could go much higher. All things being equal though, I think we are still within the consolidation area, as the 50 day EMA is very flat. At this point, I think it’s only a matter time before we returned to the downside, but the $14.00 level underneath is massive support.

SILVER Video 05.12.18

If we do break down below there, the market could go down to the $12 level, an area that has been massive support on longer-term charts. Silver had recently broke through a major uptrend line on the twenty-year chart, so it’s possible that we do have more downward pressure going forward. The most important thing to pay attention to when it comes to Silver is the US dollar, as it tends to move in opposite directions. If the greenback strengthens, then it’s likely that the Silver markets will roll over. If we look at short-term charts, we could see some type of exhaustion that we can take advantage of. At this point, I believe that we are simply continuing to go back and forth in this market, unless of course we are proved completely different. However, you have to go with what the charts are telling you until they tell you otherwise.