Silver Price Forecast – Silver markets continue to find support

Silver markets pulled back a bit during the trading session on Thursday but continues to find support at the 61.8% Fibonacci retracement level. Quite frankly, I think that it’s only a matter time before the buyers come in and push this market higher, not only because of the price action that we have seen over the last couple of days, but also the 50 day EMA underneath starting to come into the picture. I believe that we are going to have to watch the US dollar, as it will have its influence on precious metals overall. If the US dollar can fall, that should push silver back towards the $15.50 level, perhaps even the $15.75 level after that.

SILVER Video 25.01.19

Alternately, if we break down below the 50 day EMA, we could go looking towards the $15 level, an area that of course has a certain amount of psychological influence based upon it, so I do think that we will eventually see buyers jumping in and pushing towards the $16 level. If we were to break down below the $15 level though, that would be an extraordinarily negative sign, and would have me rethinking the entire situation. Longer-term, I do believe that the $16 level above being broken would be a very bullish sign, and could send this market looking towards the $17 level. A good proxy to figure out where this pair is going to go is to pay attention to the EUR/USD pair. If it rises, typically silver will as well.