Silver Price Forecast – Silver Markets Continue to Find Support at Same LevelSilver markets rallied a bit during the trading session on Tuesday as we continue to see support just below the $15 level. At this point, the $14.90 level looks to be rather resilient, and the fact that we rallied probably will not be much of a surprise that those who have been paying attention.
Silver markets rallied a bit during the trading session on Tuesday, breaking above the $15.00 level yet again. At this point, the market looks as if it is trying to reach to the top of the range, which is closer to the $15.60 level. Between here and there, the 50 day EMA shows up at the $15.50 level, so that is something to pay attention to as well. On the other hand, if we were to break down below the lows of the last couple of days, we could drop down to the $14.50 level.
SILVER Video 06.05.20
If we were to break down below there, it is likely that the market will then go to the $14.00 level, as that is an area that has seen a lot of buying pressure. On the other hand, if the market does rally a bit from here it is going to struggle to get above the $16.00 level due to the fact that it has offered so much in the way of resistance.
Keep in mind that the silver markets also take into account not only the precious metals aspect of trading, but the industrial use. Because of this, it is unlikely that the industrial use will be muted, so therefore it is a little bit of a laggard when it comes to the precious metal sector. Pay attention to copper, it ends up being a pretty decent secondary indicator as to how this market moves.