Silver Price Forecast – Silver markets look for support

Silver markets fell during the trading session on Friday, reaching down towards the $15.00 level underneath, which of course is a large, round, psychologically significant figure. That being the case, the 50 day EMA underneath is very supportive, and we are of course dancing around the 200 day EMA.
Christopher Lewis
Silver daily chart, July 15, 2019

Silver markets have fallen a bit during the trading session on Friday, reaching towards the $15.00 level. By doing so, the market looks as if it is ready to turn around and rally significantly, perhaps reaching towards the $15.50 level. However, this is not going to be easy so it’s likely that we are going to continue to see a lot of choppiness going forward. Keep in mind that the Federal Reserve is going to cut interest rates and that of course will continue to drive the value of the US dollar lower, which should give a bit of a lift to the silver market.

SILVER Video 15.07.19

Beyond that, central banks around the world continue to be very easy so at this point it’s likely that the upward momentum should continue. I believe that the $15.50 level will be significant resistance, so if we were to break above there it opens up the door to much higher gains, perhaps the $16.00 level. There is of course the alternate scenario, and that would be a break down below the $14.90 level. By doing so, the market would unwind down to the $14.75 level, perhaps even the $14.50 level after that. All things being equal though, the silver market continues to be very bullish, and it’s likely that we will continue to see buyers on dips as it represents value. I would do so in small increments though, because quite frankly Silver markets can get very erratic on an intraday timeframe if you aren’t careful.

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