Silver Price Forecast – Silver markets pull back

The silver market initially tried to rally during early trading on Tuesday but fell below the $15.50 level. That is an area that of course is psychologically important but it also has had some structural effect on the markets recently as well. We have seen the market flip back and forth in this area, it makes sense that we would continue to see it have both support and resistance found there.

SILVER Video 27.03.19

Beyond that, we have the 50 and the 200 day EMA both sitting right there, and that of course has a lot of attention attached to it. If that’s going to be the case, then obviously there is going to be a lot of technical trading in this region. I believe at this point it’s probably likely to see this market go back and forth between here and the previous uptrend line, meaning that we should have a lot of choppiness and back-and-forth trading.

If we can break down below the moving averages, then I think we go looking towards the $15.25 level, possibly even the $15.00 level. On the other side of the equation, if we break above the previous uptrend line, then we will more than likely go looking towards the $16.00 level. I think the one thing you can count on here is a lot of volatility as we have a lot of questions to answer. In the short term, I’m looking at trading back and forth between the moving averages and the trend line.

Please let us know what you think in the comments below