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Silver Price Forecast – Silver Markets Choppy on Thursday

Silver markets went back and forth during the trading session, showing a lot of noise as the $15.00 level has offered a significant amount of support. That being the case, the market is likely to see a lot of volatility in this area, as the $15.00 level should cause quite a bit of headline attention.
Christopher Lewis
Silver

The silver market as you can see has been very noisy, as we have bounced around between the $15.00 level on the bottom and the $16.00 level above. This is a market that continues to see range bound trading overall, which makes sense considering what is going on with the world economy. The industrial demand part of the equation is suspicious at best, and as you can see the market has shown a little bit of hesitation to break above the $16 handle. However, there is also the precious metals aspect of silver which seems to be elevating this market. With that being said, I do believe that it is only a matter of time before we make a move.

SILVER Video 01.05.20

If I had to place a trade right now it would definitely be to the upside because I believe that the move from the upside makes quite a bit of sense and has shown quite a bit of resiliency. Furthermore, precious metals in general should do fairly well as central banks around the world continue to throw a ton of money at the markets. With that being the case, it is very possible that we will see range bound trading in the short term, followed by a breakout to the upside. Keep in mind that the 200 day EMA above at the $16.40 level is something that you should be paying attention to, simply because it attracts a lot of attention by other traders around the world.

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