Silver Price Forecast – Silver markets exploded to the upside on Friday

Silver markets initially pulled back a bit during the trading session, but then rallied to smack into the downtrend line at the top of the falling wedge that we have been testing. With that being the case, it’s likely that we are going to make an attempt to break out. I believe that we move above the $15.05 level, the market could go much higher. In fact, based upon the falling wedge, it could send this market as high as the $16.00 level, although that will take some time to get to as there are plenty of resistance barriers between the two levels.

SILVER Video 29.04.19

To the downside, it’s not until we break down below the $14.75 level that I think selling can be done. Quite clearly, the latter half of the week was very bullish, and it does look as if the markets continue to try to support this metal, and it should also be pointed out that gold also had a bit of help as well. Ultimately, I think that a break out to the upside becomes more of an investment than anything else. It certainly will be a short-term trade. If we break down below the $14.75 level, then we could see an acceleration to the downside that would almost certainly be accompanied by massive US dollar strength in the Forex markets. That is a very real possibility, so keep an eye on the US Dollar Index or at the very least the EUR/USD pair. One thing’s for sure, but we are about to get a big move.

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