Silver Price Forecast – Silver markets pull back

The silver market pulled back a bit during the trading session on Tuesday, as the $16.00 level continues to offer massive resistance. I think at this point, we will more than likely pull back towards the uptrend line, possibly even the 50 day EMA underneath. At this point, it’s very likely that the market will continue to find buyers underneath, and that we should continue to find plenty of value hunters jump back in. Beyond that, the next couple of days are going to be crucial.

SILVER Video 27.02.19

Not only are we at a technical level that will cause a lot of attention, we also have Jerome Powell speaking in front of Congress for the Humphrey Hawkins testimony for the next couple of days, which will greatly influence what happens with the greenback. If he is very dovish, it’s very likely that the US dollar could lose a certain amount of strength, and that should send Silver to the upside.

If we can make a fresh, new high, the market will very likely go towards the $17.00 level given enough time which is my longer-term target. However, one thing that I am noticing on the chart is that the impulsive moves to the upside are losing strength. Because of this, I suspect that a little bit of short-term weakness will be had in this market, as we could continue to see the market struggle overall. While this isn’t necessarily a sell signal, it is something worth paying attention to.

Please let us know what you think in the comments below