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Silver Price Forecast – Silver Markets Break Major Barriers

Silver markets have exploded to the upside during the trading session on Friday, breaking above several barriers that now have given way quite violently.
Christopher Lewis
Silver

Silver markets have broken higher during the trading session on Friday, slicing through a couple of major resistance barriers at this point, the market slicing through the $16 level during the day on Thursday, and then the 200 day EMA after that. Ultimately, the market looks as if it is going to make a serious attempt at $17, which is an area that has been the scene of major selling previously. At this point in time, the market will have a bit of a fight above, but with the movement that we have seen its rather easy to see that buyers will return on dips, with the $16 level being a very interesting area for buyers to come and pick up value.

SILVER Video 18.05.20

The candlestick closing towards the top of the range of course is bullish as well, so it certainly seems as if silver continues to see a lot of buyers. Ultimately, this is a market that should continue to cause a lot of volatility, but that volatility should be thought of as an opportunity for traders to take advantage of “cheap silver.” Ultimately, I do like silver and I do think that it will go much higher over the longer term, but I still am very skittish about using a lot of leverage. I have been buying physical silver for quite some time, but I am also based in the United States, so I do not have the ability to trade the CFD markets. For those of you who do have that ability, you can take advantage of using proper position sizing in order to take advantage of the uptrend.

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