Silver Price Forecast – Silver markets continue to go back and forth

The silver market continues to go back and forth as we have seen quite a bit of volatility during the trading session on Tuesday. With that being the case, we see more of the same.
Christopher Lewis
Silver daily chart, May 08, 2019

Silver markets have seen quite a bit of volatility as of late, as we continue to see a lot of questions about what’s going on with the economy and the US/Chinese trade relations. With the Chinese coming into the United States to meet the Americans, it’s very likely that we will see even more volatility when it comes to the greenback, which of course translates to or volatility in this market. Beyond that though, we are in a very interesting technical pattern, in the form of a falling wedge. With that being said, it’s actually somewhat bullish looking.

SILVER Video 08.05.19

The 50 day EMA is just above the $15.11 level and reaching that area would be a bullish sign as we would break down below the down trending line. At this point, it looks as if the $14.85 level is trying to offer support, but really at this point I’m not willing to short this market until we break through the falling wedge looking at the chart, if we were to break above the top of the falling wedge, it’s very likely that we will try to reach the top of that wedge, the $16.00 level. However, it doesn’t necessarily mean that it’s going to be easy to make that move, so therefore we will have to be somewhat cautious. To the downside, if we break down below the bottom of the falling wedge, it opens the door to the $14.50 level, $14.25 level, and then the $14.00 level after that. All in all, we need an impulsive candle to trade.

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