Silver Price Forecast – Silver Markets Pulled Back To Kickoff Week

Silver markets gapped lower to kick off the trading session on Monday, showing signs of a little bit of a “give back” when it comes to the overall uptrend. We are sitting at the 50 day EMA and it’s likely that technical traders are going to continue to pay attention to this. Having said that, the $16.00 level above offers a significant amount of psychological resistance, but the $15.00 level underneath should offer plenty of support. All things being equal, I believe that the market probably continues to see a lot of volatility but one of the biggest problems that we will have with silver is the fact that the metal is used in so much industrial situations. With that being the case, I think that it is very difficult to get overly bullish about silver on that front.

SILVER Video 14.04.20

However, there is the precious metals side of silver and that could help, but I think this sets up for silver to continue to lag gold going forward. I do think at this point the market is trying to figure its way going forward, which longer-term should be higher. If the market breaks down below the $15.00 level, then the $14.00 level will be tested as potential support. The bullish flag that had formed previously suggests that we could go as high as $17.50, but it’s going to take a while to get there. The 200 day EMA is also at the $16.50 level, and I think more than likely we are going to continue to see that paid attention to as well. I’m bullish, but choppy days are ahead.