Silver Price Forecast – Silver markets continue to grind at major level

Silver markets of course react to a large, round, psychologically important numbers as other markets do, and of course $15.00 is a crucial level. That being said, I anticipate that it’s only a matter of time before we get some type of bigger move, but the intraday action in silver did look rather positive, so I suspect that we have more likelihood of going higher than lower. The great thing about that is that we are at a major level, so it gives us very obvious guidelines.

SILVER Video 04.04.19

The bottom of the candle stick for Tuesday is where I think the market would crumble, breaking down to reach towards a more significant support level, perhaps the $14.50 level. The alternate scenario is that we break above the highs for the trading session on Wednesday, which I think has this market looking towards the moving averages on the chart closer to the $15.36 level. I do believe that the path of least resistance is probably to the upside in the short term, but we need to keep both of these scenarios in mind. Silver of course will react to the US dollar which is all over the place, but needless to say it is a bit overbought. If it does roll over and show signs of weakness, then Silver of course will benefit from it.

That being said, if the US dollar does rally and perhaps break down below the 1.12 level on the EUR/USD chart, that probably signifies that silver will fall due to a stronger greenback.

Please let us know what you think in the comments below