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Christopher Lewis
Silver daily chart, March 12, 2019

Silver markets found the $15 level to be rather supportive on Friday, although we did pull back just a bit during the trading session on Monday. Ultimately though, the increase in volume on Friday, the round number offering so much support, and the massive candle stick for the day all tell me that we are turning around in silver overall. This doesn’t mean that we can pull back, just that we have found a significant support barrier that has held quite nicely thank you very much.

SILVER Video 12.03.19

At this point, I’m a buyer of silver on short-term pullbacks and I do believe it will go looking towards the $15.50 level initially, and then eventually towards the $16.00 level. That being said, expect a lot of choppiness and understand that leveraged positions will be a bit dangerous if you are not cautious.

Looking at the charts, if we were to break down below the $15.00 level, that would be a very negative sign, and could send this market down to the $14.50 level next, followed very quickly by the $14.00 level. At this point, it certainly looks as if the buyers are in control though, especially after this nasty selloff only to see a significant turnaround at such a crucial an obvious place. Silver of course is highly sensitive to gold markets, so you can look at gold as a bit of a potential “canary in the coal mine” as to where we go in silver.

Please let us know what you think in the comments below

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