Silver Price Forecast – Silver markets continue to grind higher

Silver markets rallied a bit during the trading session on Thursday but continues to struggle near the 50 day EMA. At this point I think it’s going to be difficult to rally from here, and I believe there is a massive amount of resistance between the $14.85 level and the $15.00 level. Beyond that, there was a massive bearish candlestick that kicked off the week, and therefore it’s very likely that we will continue to see a lot of pressure.

SILVER Video 14.06.19

Keep in mind that silver is not just a precious metal but it is also an industrial one. If we are going to continue to see trouble with world markets and of course global growth, silver will probably continue to be a major problem. At this point in time it’s likely that the $15.00 level will continue to be a massive barrier to overcome. Granted, we did have a nice run higher recently, but it certainly looks as if there is a lot of work to get above all of this. With that in mind I am looking for signs of exhaustion that I can continue to sell unless of course we break above the highs from the Friday session of last week, which is all the way up to the $15.50 level. A break above there opens up the door to the 200 day EMA. Overall though, I think that feeding the rallies will probably work out, at least in the next several weeks as there are far too many issues out there to keep this market strong.

Please let us know what you think in the comments below