Silver Price Forecast – Silver markets continue to grind higher

Silver markets have rallied significantly during the trading session on Wednesday, breaking above the $16 level. Ultimately, a short-term pullback should offer a nice buying opportunity as the greenback will continue to get hammered over the next several sessions from what I’m seeing in the Forex markets. If the greenback continues to soften, then it makes a lot of sense that Silver will pick up against that, especially as gold has been doing the same thing.

SILVER Video 21.02.19

The uptrend line underneath should continue to offer support, and so far we continue to make “higher highs” as we go to the upside. Beyond that, the 200 day EMA as well as the 50 day EMA both have shown signs of support and they are below at the $15.50 level. Because of this, I believe that is essentially your “floor” in this market. If we were to break down below those moving averages, then things change. I suspect you will probably see the US dollar strength everywhere and it will be a bit of an obvious move to the downside and silver, gold, and other currencies around the world against the US dollar.

I recognize that there is a lot of noise just above that will be difficult to overcome, but once we do we should probably move towards the $17 level eventually. That is an area that will also offer a lot of resistance and therefore it makes sense that we would struggle a bit to get above there.

Please let us know what you think in the comments below