Silver Price Forecast – Silver markets chop around

Silver markets initially fell during trading on Tuesday as we may have gotten a bit ahead of ourselves. However later in the day we did end up finding enough support to turn things back around and reach towards the highs again.
Christopher Lewis
Silver daily chart, June 05, 2019

Silver markets are very interesting to me at the moment, because we have formed a bullish candle stick just below major resistance in the form of the $14.85 level. This is the beginning of major resistance that extends all the way to the $15 level, so moving above this area is going to take a significant amount of momentum. The 50 day EMA is in the neighborhood as well, so don’t be surprised at all to see a bit of a pullback from here again. That being said, there is also a major downtrend line underneath that should offer plenty of support.

SILVER Video 05.06.19

Pay attention to the US dollar, because if it strengthens it’s likely that silver could get hit. That being said though, we had broken that major trendline and that of course is bullish. I think we are going to see a lot of choppiness and back-and-forth between the $14.50 level and the $14.85 level. Looking at the chart, I think that this is a very messy market, and it will continue to be difficult to get a grip on for a longer-term move.

If we did break above the $15 level, it’s very likely that the market could continue to go much higher, perhaps reaching towards the $15.25 level, and beyond. To the downside, if we were to break down below the $14.50 level then it opens up a move back down to the $14.25 level and eventually the $14.00 level. Expect a lot of choppiness in the meantime.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.