Silver Price Forecast – Silver markets pull back

Silver markets initially tried to rally during the trading session on Wednesday but found a significant amount of resistance at the 200 day EMA.
Christopher Lewis
Silver daily chart, March 21, 2019

The Silver markets tried to rally initially on Wednesday but gave back the gains to fall rather significantly. As we await the Federal Reserve decision and statement, there’s going to be a lot of volatility involving the greenback, and that of course will have an influence on precious metals in general. This market continues to have a lot of support underneath that though, so I think that any short-term pullback will possibly offer a buying opportunity. After all, the $15 level was significant resistance, and it should now be significant support.

SILVER Video 21.03.19

To the upside, the $15.50 level is going to cause a bit of resistance as we have seen a nice shooting star formed their last week, and now it looks like we are trying to figure out where to go next. If we can break above the top of the shooting star, which is ostensibly the $15.53 level, then we could go higher and perhaps reach towards the $16 handle.

This is going to be all about the US dollar and whether it rises or falls after the Federal Reserve, so at this point it’s very likely that we continue to see noise in a market that doesn’t quite know what to do, but clearly has a lot of things to think about. If we do turn around and break down below the $15 level, the market is very likely to go much lower, perhaps reaching down to the $14.50 level. All things being equal though, it does look as if we are trying to form some type of supportive area here. Expect choppiness, as the US dollar will be as well.

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