Silver Price Forecast – Silver Markets Find Support

Silver markets fell rather hard during the trading session on Friday to open up the session, but as you can see the $15.00 level seem to be important. It’s a large, round, psychologically significant figure so this should not be a huge surprise. Because of this, I think that there will be a certain amount of support going into the weekend and it is possible that we get a bit of a bounce from here. If you follow my analysis here at FX Empire, you know that the market looks to be in a consolidation range from what I can see with the $15.00 level underneath offering support and the $16.50 level offer and significant resistance.

SILVER Video 20.04.20

Going back and forth makes quite a bit of sense, because there are a lot of different things moving at the same time when it comes to silver. Keep in mind that the silver markets are not only considered to be a precious metal, but they are also considered to be an industrial metal. In other words, the market looks very likely to see a lot of push and pull at the same time considering that while there is certainly demand for precious metals in this scared market, the question is whether or not there will be any industrial need? I doubt that will be the case for the longer-term move, so it makes sense that the market will go back and forth in a bit of a confused situation. Ultimately, I believe that this market continues to be more of a range bound situation.