Silver Price Forecast – Silver markets continue to grind higherSilver markets continue to grind overall, perhaps in some type of “risk off” attitude. Beyond that, the United States dollar is starting to lose a little bit of strength as PMI numbers came out much weaker than anticipated. However, Friday features the Nonfarm Payroll figures, and that of course can have a major influence on the greenback, which by extension can have a major influence on silver.
Silver markets continue to show signs of strength during the trading session on Thursday, reaching towards the $15.70 level. The market looks very likely to continue to be choppy, and I would say that we are a little bit overbought at this point. I would not be surprised at all to see some type of pullback, but the $15 level underneath should be massive support. Ultimately, that could be a nice buying opportunity. If we were to break down below the $15 level that would obviously change quite a bit.
SILVER Video 04.01.19
On a break down below the $15 level, then we would be testing significant support this below there as well. I do think that silver has legs at this point, but we may have simply just got a bit ahead of ourselves and momentum probably will start to struggle a bit at these lofty levels. The explosion above the $15 level has been impressive, and I think there will be plenty of reasons to think that buyers will be waiting underneath that have missed this move, so I am fairly confident about picking up silver at lower levels. I believe that the $16 level above is massive resistance, so it may take a bit of work to finally break above that level. In the short term, I’m simply buying pullbacks as the momentum has clearly shifted.