Silver Price Forecast – Silver Markets Pulled Back Slightly

The silver markets pulled back a bit during the trading session on Wednesday after having a massive shooting star form on Tuesday. The question now isn’t so much as to whether or not the market is able to break down or break out, but whether or not the $15.00 level is going to offer support. If it does, then I think the market goes looking towards the highs of the trading session on Tuesday, meaning that we will test $16 again. On the other hand, if we break down below the $15 level then I would anticipate that the next move is down to the $14.50 level. At this point, silver is going to be traded not only as a precious metal but as if the industrial one.

SILVER Video 09.04.20

Silver markets pulled back just slightly during the trading session on Wednesday, after forming a massive shooting star on Tuesday. At this point, I think that pullbacks in silver will continue to be looked at as potential value.

Looking at this chart, you can see that we’ve had a nice pullback from the initial shock to the downside but you can also see that there is a potential bullish flag that has broken to the upside and I do think that will probably be what happens in the market, meaning that we should continue to go higher. To the downside I think that the $14.00 level should offer significant support, so at this point I think that buyers would probably return in order to try to take advantage of value. At this point, even if we are going to break down, I’m not interested in selling, although I can make a strong argument for it pulling back in the short term. I am bullish but I recognize that the market can’t go straight up in the air.