Silver Price Forecast – Silver Markets Grinding Higher

Silver markets have rallied a bit during the trading session on Tuesday, reaching towards the $16.50 level. The 200 day EMA above is an area where I think you are going to see a certain amount of resistance, but all things being equal it’s likely that the market is going to continue to see that area caused a bit of resistance. I think signs of exhaustion will probably end up being buying opportunities ultimately, but the $15.00 level underneath is an area that we need to pay quite a bit of attention to as it is a large, round, psychologically significant figure, and of course is the top of the bullish flag underneath. Even if that bullish flag gets fulfilled, with a target of $17.50, we probably need to come back in order to test for support underneath.

SILVER Video 15.04.20

To the upside, if we break above the $17.00 level then we obviously go to the $17.50 level, and then eventually the $18 level after that. I think silver is going to be a bit of a mixed picture though, because we have a lot of concerns when it comes to industrial demand. Granted, there is a little bit of a precious metals aspect and safety trade to silver in response to the Federal Reserve, but at the end of the day it lacks gold because it also has the industrial component attached to it. With that in mind, while I am bullish and I do by pullbacks, I do so in smaller positions than I would with gold.