Silver Price Forecast – Silver markets flat

Silver markets tried to rally a bit during the trading session on Thursday but rolled over to essentially wipe out those gains. While it isn’t necessarily a bullish sign, it isn’t necessarily negative either considering how flat we are in Howell short the range was.
Christopher Lewis
Silver daily chart, February 08, 2019

Silver markets tried to rally a bit during the trading session on Thursday but got rolled over again as we continue to hover around the $15.70 region. This is an area that should begin support, so I think that we could get buyers at this point but the 20 day EMA is starting to roll over a bit. What does this mean? This means that we could very well drift a little bit lower. I think we may need to test the $50.50 level underneath to find more buyers. It’s not a huge surprise that we struggled just above the $16 level considering that it is a large, round, psychologically significant figure and an area that where we had seen a lot of action in the past.

SILVER Video 08.02.19

However, you can make an argument for a bit of an uptrend just below be informed by an extended line that is close to the $15.50 level as well, so I think pullbacks will be looked at as potential buying opportunities. The 200 day EMA underneath of course will offer support, so I think there’s enough to believe that the buyers will continue to go into this market and look for value as the Federal Reserve looks to be a bit soft. With that in mind, I’m looking for value at lower levels to take advantage of just as I am and other precious metals like platinum and gold. I believe the US dollar is going to struggle going forward.

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