Silver Price Forecast – Silver markets find support

Silver markets fell during the trading session again on Thursday but have bounced a bit at the 200 day EMA which is also coinciding quite nicely with the gap that shows up on the chart. Ultimately, the bottom of that Is the $15 level so pay attention to that handle as I suppose it’s going to essentially work as a “floor” in this market.

SILVER Video 28.06.19

That being said, I believe that silver has a longer way to go due to the fact that it has been suppressed for so long and of course we have had such a volatile break out in the precious metals markets. With the Federal Reserve stepping away from any hint of hawkish behavior. In fact, we are expecting a couple of interest rate hikes later in the year, and that should help precious metals in general. Obviously gold tends to move a bit more based upon that, but silver does have the same effect. At this point, the 200 day EMA looks to be offering support but even if we break down through there it’s likely that we could go to the $15.00 level where we had gap from. Gaps tend to hold as support so it would make quite a bit of sense for buyers to come back in and pick up silver. I think that the $15.50 level above would be targeted, but if we do break above there, the $16.00 level would then be targeted after that. Remember that pullback should offer plenty of value.

Please let us know what you think in the comments below