Silver Price Forecast – Silver Markets Conflicted

Silver markets went back and forth during the trading session on Thursday, as we continue to hang around the 50 day EMA. Ultimately, this is a market that has a lot of different things going on at the same time, and as a result the silver markets are a bit of a laggard when it comes to precious metals, because the silver market has the industrial component attached to it, as silver is used in electronics and several other products that require a certain amount of demand. With the global economy being locked up, that demand is missing.

SILVER Video 17.04.20

Looking at this chart, I believe that the $16.50 level should offer a significant amount of resistance, just as the $15 level underneath is support. I think that we continue to bang around in this area in the meantime, showing lots of choppiness and therefore a lot of indecision. I think that the market will probably continue to find all kinds of reasons to go back and forth but I do think longer term silver is bullish. In the short term though I am a little hard-pressed to put a lot of money into silver. Ultimately, this is a market that I think continues to struggle with the idea of where it wants to go so it’s probably crucial to keep your position size small unless of course you are a longer-term investor, when you have the ability to hang about and build up a position over time to the upside.