Silver Price Forecast – Silver Markets Continue to Struggle With Same BarrierSilver markets were slightly positive during the trading session on Wednesday, as we continue to fight against the same resistance barrier in the form of the $16.00 level. At this point, it certainly looks as if the market is range bound still.
SILVER Video 14.05.20
Silver markets rallied slightly during the trading session to kick off Wednesday, but at this point you can see that we continue to struggle at the $16.00 level. This is an area that has caused quite a bit of resistance, but at the same time there is a significant amount of support at the 50 day EMA. Ultimately, this is a market that I think continues to see a lot of volatility, because there are competing issues in this marketplace right now, not the least of which would be the 50 day EMA underneath that shows a significant amount of support, with that resistance barrier in the form of $16 above causing issues.
Furthermore, the 200 day EMA is just above there so that is going to continue to cause a lot of technical issues. Ultimately, this is a market that continues to see a lot of noise, due to the fact that it is essentially noisy to begin with under the best of circumstances.
The silver market has to deal with the industrial demand, or perhaps more importantly the lack of. However, it is lifted during the safety trade for “precious metals”, so we will continue to see a lot of back and forth when it comes to this market. With that in mind, it is exceedingly difficult to hang on to the trading session for any significant amount of time, but overall, this is a market that is probably either traded back and forth or on short-term charts in a range bound trader.