Silver Price Forecast – Silver markets continue to slump

Silver markets had a slightly negative session during the day on Tuesday, as we continue to bounce around the $15.00 level. This is a market that will probably make a significant decision rather soon based upon this level. This is an area that was massive resistance previously, so you would have to think that there should be significant support here. At this point, I’m waiting to see whether or not we get the bounce or supportive candle necessary, and then I would be willing to buy silver at this point. If we break down below the $14.90 level, then we could break down rather significantly to the $14.50 level.

SILVER Video 06.03.19

I do believe that value hunters will come out, and if you can pay attention to the US Dollar Index, you should see some correlation. If the dollar starts to fall apart, then you could see silver rally from here. Otherwise, if the US dollar strengthens significantly, that might be reason enough for Silver to fall apart and go looking towards the $14.50 level, maybe even the $14.00 level.

There are a world of headwinds out there in both directions, as the global growth situation is a bit convoluted, we have the US/China trade situation, and of course we have a Federal Reserve that seems to be stepping away from a hawkish position. If that’s going to be the case, then the question is whether or not the economy is strong enough to handle any type of growth? We are oversold regardless, so I do think we will get the bounce given enough time.

Please let us know what you think in the comments below