Silver Price Forecast – Silver markets pulled back a bit only to find buyers again

Silver markets pulled back a bit during the trading session on Wednesday but found plenty of buyers underneath the turn things around and form a bit of a hammer. Ultimately, I think we are trying to build up the necessary momentum to break out above the $16 level. Overall, I think that the market will probably continue to be very noisy but I do think that it’s only a matter time before the buyers come in and overwhelm.

SILVER Video 14.02.19

Looking at this chart, I think if we break down below the 50 day EMA, which is essentially the $15.50 level. If we break down below that level, then I think there is plenty of support underneath that should continue to be a major factor in this market. If we can break above the $16 level on a daily chart and close there, then I think the market probably goes looking towards the $17 level given enough time. It’s not until we break down below the 20 day EMA, which is closer to the $15.30 level that I would become concerned with silver. I think the geopolitical concerns continue to be a major issue and it is only a matter of time before people continue to ride precious metals as a bit of a safety play. I would point out the Monday candle stick which is a bit of a shooting star, and if we can break above the top of that wiki would be a severe violation of resistance.

Please let us know what you think in the comments below