Silver Price Forecast – Silver markets continue to grind higherSilver markets rally during the Wednesday session, only slightly though. The market is approaching a significant resistance barrier in the form of $16, so the next couple of days could be a bit noisy.
Silver markets got a little bit of a boost during the trading session on Wednesday as there was a global “risk off” attitude to markets in general, thereby increasing the demand for precious metals for a safe haven trade. We have just broken over the 50 day EMA, which of course is a bullish sign as well. Both the 50 day EMA and the 20 day EMA are starting to turn higher, which also is a bullish sign.
SILVER Video 03.01.19
Over the last couple of sessions, we have broken out of major consolidation between the $14 level and the $15 level, which of course measures for a $1.00 level move, leading to the $16 level above. I also believe that breaking above there could send this market reaching towards the $17 level above, which has been major resistance in the past. Beyond that, we had consolidated between $14 level and $17 above. At this point, I do like buying short-term pullbacks as I think the $15 level should be supported. Beyond that, the 20 day EMA is just below there that should offer some guidance as well.
At this point, I think that silver will remain very choppy and volatile, but I think that is something that you can take advantage of if you are willing to drill down to short-term charts. Buying the dips should continue to work, but keep in mind that you should start out slowly if you are just now trying to take advantage of what has clearly been a significant break out from lower levels.