Silver Price Forecast – Silver markets continue to grind on Thursday

Silver markets went back and forth during the trading session on Thursday, as we continue to see a lot of volatility in the overall global markets, and of course silver will reflect this type of uncertainty.
Christopher Lewis
Silver daily chart, July 12, 2019

Silver markets went back and forth during the trading session on Thursday, as we continue to see a lot of noise in global markets. Silver of course is highly sensitive to the US dollar which of course has been all over the place. Recently though, the Federal Reserve has suggested that it was going to cut interest rates, so that could at least move one of the headways out of the way of the buyers to take advantage of what should be a longer-term uptrend. That doesn’t mean that we will go straight up in the air, but what it does mean is that we should have an underlying bullish attitude to this market.

SILVER Video 12.07.19

The $15.50 level above is obvious resistance, so if we can break above there it could send this market much higher. However, it’s very unlikely that we do it easily, and I would expect a lot of back and forth trading. Ultimately, the $15.00 level underneath should be a bit of a “floor” for the market, and I don’t think that we will break down below there anytime soon. However, if we can break down below there, it could open up a bit of selling down to the $14.75 level. Overall, I do think that it’s much likelier to break out to the upside then down, so I am a buyer of dips on short-term charts. The 50 day EMA is starting to come close to the 200 day EMA, perhaps foretelling some type of “golden cross” about to happen.

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