Silver Price Forecast – Silver Markets Find Support

Silver markets pulled back just a bit during the trading session on Friday but found enough support just below the $15.00 level to turn around and form a small hammer. This is a market that has been bouncing around between the $15.00 level and the $16.00 level. This is a market that has seen a lot of choppy trading over the last month or so, so it is highly likely that the market is going to continue to trade in this range. At this point, the 50 day EMA is at the $15.55 level, but at the end of the day we have broken through that a couple of times.

SILVER Video 04.05.20

Keep in mind the silver also has the industrial component, which is part of the problem, but ultimately it looks as if the market will probably see a bit of a lag when it comes to rising when compared to gold. A lot of people make the mistake of buying them at the same time, and under the same circumstances. As far as a safety trade is concerned, gold tends to work out a little bit better, and it is of course cheaper to trade. On the other hand, if there is a massive industrial surge, silver should rally. Do not be wrong silver can rally based upon the precious metal trade, it is just that it will not rally as much as gold does. If precious metals get absolutely crushed, you want to sell silver because it moves much quicker to the downside.