Silver Price Forecast – Silver markets pulled back on Thursday

Silver markets have been all over the place on Thursday, as the markets have gotten quite a bit of mixed messages around the world. The United States released horrific numbers when it comes to retail sales and PMI figures, and at the same time we are trying to figure out what’s going to happen between the Americans and the Chinese. With that in mind, the currency markets have kicked around many other markets, showing signs of indecision. Ultimately, this is a market that is testing several important levels that I will discuss next.

SILVER Video 14.02.19

We are sitting just below the 20 day EMA but are also supported by the 50 day EMA that has been sloping to the upside. Looking at the chart, I also recognize that the $15.50 level will of course attract a lot of attention. I believe that there is a significant amount of support just below not only because of the moving average, but also the cluster that was from a couple of weeks ago. If we can break above the top of the candle stick for the trading session on Thursday, then I think we probably go higher, perhaps reaching towards the $16 level. With that being the case, it’s likely that we will continue to see a “by on the dips” mentality, but that doesn’t necessarily mean that it’s going to be easy. At this point, I am sitting on the sidelines and waiting for some type of bounce or supportive candle that I can take advantage of.

Please let us know what you think in the comments below