Silver Price Forecast – Silver markets pull back

Silver markets have pulled back just a bit during the trading session on Thursday, as the $16 level has offered significant resistance, not only based upon previous action, but the fact that it is a large, round, psychologically significant figure. That of course always seems to attract a lot of order flow, and with the US dollar rallied slightly during the day, it does make sense that perhaps precious metals would pull back a bit.

SILVER Video 22.02.19

We had seen the same reaction in the gold market, but quite frankly both gold and silver look very bullish and I feel it’s only a matter time before the buyers come back to pick up value. In fact, during the US session we started to see a little bit of bullish pressure, so it’s very likely that the selloff is short-lived and could be thought of as potential value. That value will more than likely be favorable for most traders, and therefore will more than likely find plenty of buying pressure.

There is a lot of noise above, I’m the first person to admit that. However, it is likely that we will eventually see that broken and perhaps silver will go to the $17 level. That’s an area that is massively resistive as well, but with the 50 day EMA crossing the 200 day EMA underneath show signs of significant bullish pressure, and of course the trend line has held quite nicely. With all of these things going on at same time, and the Federal Reserve looking very soft, it makes sense that Gold will rally.

Please let us know what you think in the comments below