Silver Price Forecast – Silver markets chop aroundSilver 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.
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.
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