Silver Price Forecast – Silver markets fall on Wednesday

Silver markets fell a bit during the trading session on Wednesday, breaking down below the $15.30 level. We had also broken below the 200 day EMA and the 50 day EMA, both of which were flat, to show signs of selling pressure. At this point, it’s very likely that we are going to continue to see the market rotate between the $15.00 level underneath and the $15.50 level above. We had recently tested the bottom of a major uptrend line and have rolled over since then. Because of that it makes sense that we would find sellers.

SILVER Video 28.03.19

I think we are entering a consolidation phase, and now the question is whether or not we break down below the $15.00 level? If we do, then it would be a sign of the market unraveling to go down towards the $14.50 level. To the upside, if we can clear the previous uptrend line, roughly at $15.60, then I think the market will go looking towards the $16 level above which is a major resistance barrier. Until then, I think we are just simply going to grind back and forth, showing a lot of confusion and uncertainty.

Pay attention to the US dollar, because this market of course tends to react to the greenback strength or weakness, as the commodity is priced in those very same greenbacks. If we get US dollar weakness that could lift this market above that uptrend line, but until we see significant greenback selling, I think we are at best looking at a sideways market.

Please let us know what you think in the comments below