Silver Price Forecast – Silver markets continue to grind sideways

Silver markets have pulled back slightly over the last several days, as we got close to the psychologically and structurally important $16.00 level. We have seen an explosion to the upside, so it makes sense that we pull back a little bit to perhaps build up enough momentum to continue rising in value. The 20 day EMA is just below, and that of course should offer a bit of interest as well. The $15 level underneath is what I think will now be the “floor”, but I also recognize that the $15.50 level should offer a bit of support also.

SILVER Video 15.01.19

I think at this point the market will eventually try to go above the $16 level above, but I also recognize that the break out will take a lot of momentum. That’s what this pullback is all about, so I think that short-term pullbacks can offer opportunities to buy little bits and pieces of silver, as this market does tend to be rather erratic and choppy at times. Keep in mind that the Federal Reserve has stepped away from the overly hawkish position that they had found themselves in, and it now looks likely that the US dollar may soften longer-term. If that’s going to be the case, then silver should get a bit of a boost from that. However, I’m always willing to look at the other side of that situation, so if we break down below the $15.00 level, then I think at that point you need to give up on the bullish pressure, a lease for the meantime. That being said, I’m not looking to sell.