Silver Price Forecast – Silver markets gain slightly at end of week

As the Americans and the Chinese are busy haggling over the trade negotiations, precious metals of course will be very difficult. However, we are in a nice falling wedge, so it looks as if we could eventually break out to the upside. In the short term though, the candle stick leads me to believe that we may pull back slightly. I do like silver longer-term, but I don’t like having a lot of leverage applied to it. This is because Silver can be extraordinarily volatile. The futures markets can be rather expensive, as they are $25 per tick.

SILVER Video 13.05.19

Looking at the chart, I think there is significant support near the $14.60 level, so if we do fall from here I think that’s about as low as we go. If we were to break down below there, it would change a lot as far as the attitude of this market is concerned. However, if we break above the $15.00 level, then we can go looking towards the $15.25 level, and then eventually the $15.30 level. If the market does in fact break out to the upside, I think that longer-term traders will be looking to drive this market all the way to the $16 level above.

Pay attention to the US dollar, because if it strengthens, that could be somewhat negative. However, if we see the US dollar loses strength, that could send this market much higher.

Please let us know what you think in the comments below