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

Silver markets had an extraordinarily strong session during the day on Friday, reaching towards the $15.00 level, but I think that’s an area that is going to cause a lot of attention. I believe that the sellers will jump into the market and try to beat this commodity back down, as there is so much in the way of attention paid to these large numbers. Beyond that, we have been in a downtrend for some time so that should be paid attention to as well.

SILVER Video 06.05.19

If the US dollar starts to strengthen, the silver market gets hammered. I don’t necessarily think that we are going to fall apart here, I think it’s more likely that we just continue to grind lower. That being said, if we break to the upside, the $15.25 level will be an area that people pay attention to because it features the 200 day EMA, which of course attract a lot of longer-term attention. If we break above there then I think the silver market could go looking towards the $16.00 based upon the falling wedge that I have drawn on the chart. We are at a crucial level when it comes to precious metals right now. Ultimately I believe that we continue more of the chopping that we have seen as of late, and although this is a bullish looking candle stick, I don’t know that it has a lot of follow-through quite yet. Obviously though, we need to observe as liquidity is an issue on jobs number Fridays, which can create exaggerated moves.

Please let us know what you think in the comments below