Silver Price Forecast – Silver Markets Break Out Again

The silver markets broke out to the upside during the trading session on Friday, breaking through the 50 day EMA initially, then the top of the shooting star from a couple of days ago. Furthermore, the $16.00 level has been blown through as well. The fact that the candlestick closed at the top of a long range suggest that there is more follow-through. In fact, there is also a gap from previous trading that has now been filled.

SILVER Video 13.04.20

Keep in mind that Friday was closed in the futures market as it was Good Friday, and therefore the clothes was on Thursday. That being said though, the market has shown real strength and it’s likely that we will continue to go looking towards the 200 day EMA when we open up again, near the $16.54 level. Furthermore, the bullish flag underneath suggests that we are going to go towards the $17.50 level, possibly even the $18.50 level.

In the short term, it is possible that we get a little bit of a pullback, but I think that pullbacks will only be looked at as value. I like the idea of taking advantage of what is obviously a very bullish run, but also would like to find a little bit of value as that is a way to maximize your returns. After all, the market can go straight up in the air forever, so the occasional pullback should be an opportunity to get long. As far as selling is concerned, I have no interest until we break down below the $14 level underneath. If the market was to break down below there, then it would be a significant shift in attitude.