Silver Price Forecast – Silver markets do-nothing on Friday

Silver markets didn’t exactly knock it out of the park during trading on Friday, as we continue to reach around and try to figure out where were going next. The $15 level is crucial, and at this point in time it is going to make a huge difference as to whether or not we are going to be positive or negative going forward. The moving averages have crossed to the downside which of course is a negative sign, but more importantly we are starting to see lower highs.

SILVER Video 15.04.19

There is massive support below at the $14.90 level and as long as we can hold that level I think there is a chance that we could turn around. In the meantime, rallies are probably going to offer selling opportunities at the 50 day EMA, roughly near the $15.30 level, or possibly even at the $15.25 level. I also think that the buyers will support again at the $14.95 region. All things being equal, this is a market that seems like it’s trying to find its way, but it certainly has softened up a bit over the last couple of weeks, and now suddenly looks as if the sellers might be trying to flex their muscles. It should also be pointed out that the most volume recently was printed on Thursday, which was a horrifically negative candle stick. All things being equal, this probably continues to grind sideways with a slightly downward tilt in the immediate future, but certainly a larger move is coming.

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