Silver Price Forecast – Silver markets find mass buyers

Silver markets initially pulled back a little bit during the trading session on Monday but have found buyers underneath the turn things around and break above the $16.50 level during early trading in North America. However, we still have a lot of resistance near the $16.60 level, so I think it is going to take a significant amount of momentum to finally break out. That being said though, I do think it happens so I think it’s only a matter of time before buyers get rewarded.

SILVER Video 06.08.19

The $16.00 level underneath continues to be a major support level, as it is an area that is a large, round, psychologically significant figure, and of course the area has already proven itself to be supportive over the previous two candlesticks on the daily chart. That being the case, the market looks as if it is trying to make a breakout but I also recognize that there is enough noise above that we could get the occasional pullback. I believe that we are trying to turn $16.00 into a “floor” in the market, so I think that pullbacks should continue to be plenty interesting for buyers.

Even if we do break down below the $16.00 level, I believe that the 50 day EMA which is pictured in red below should be a buying opportunity as well. All things being equal, I believe that we will eventually make a serious attempt at breaking above the $17.00 level in this market.

Please let us know what you think in the comments below