Silver Price Forecast – Silver markets flat

Silver markets were relatively flat during trading on Monday, which is not much of a surprise considering that we have a major Federal Reserve meeting on Wednesday. Obviously, whatever the Fed does will have a significant effect on the US dollar, and therefore silver.
Christopher Lewis
Silver daily chart, June 18, 2019

Silver markets have done very little to kick off the week on Monday, as we continue to hang about the $14.85 level. This is an area that has attracted attention in the past, extending all the way to the $15.00 level. Above there, we also have the 50 day moving average so I suspect there is a significant barrier to be overcome. This isn’t to say that we will try to break above it, quite frankly we did but failed on our first attempt.

SILVER Video 18.06.19

That being said, with the Federal Reserve meeting on Wednesday it’s very likely that we are going to see a significant amount of volatility that day, so between now and then I suspect that this market will probably be very quiet. Short-term back and forth trading is probably about as good as it gets, so be advised that we probably won’t get much between now and the FOMC statement.

Looking at the charts, if we can close above the $15 level, it’s likely that the market will continue to go higher. However, we have not seen the ability for the market to keep the gains, so at this point I think it’s very unlikely it happens in the short term. The most likely attitude of the market is going to be somewhat sanguine over the next 24 hours, as there isn’t much to push the market around that will be crucial. Pain attention to the EUR/USD pair could give you a little bit of a hint, but beyond that Tuesday should be very quiet.

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