Silver Price Forecast – Silver markets rally

Silver markets rallied slightly during the trading session on Thursday, but we still have a major downtrend line above that you continue to put pressure on the market. Beyond that, we have a lot of economic headwinds out there that continue to work against the value of precious metals, especially silver as it is so highly prized by industrial use. All things being applied believe that this market probably rallies for just a little bit higher pricing, only to find sellers near the $14.50 level, possibly the $14.60 level.

SILVER Video 31.05.19

If the US dollar strengthens, that almost always works against the value of silver. With that, I would be a seller and I believe we would go looking towards the $14.00 level underneath which has been the target for some time for what I see. The alternate scenario course is that we break above the downtrend line, and send the market towards the $14.85 level given up time. A break above there then sends the market looking towards the $15.00 level, the next major resistance barrier.

All things being equal though I believe that we need to test the $14.00 level before we get any serious and significant rally. It looks as if we are having a very negative economic condition around the world, and that does not bode well for the use of industrial metals such as so. Pay attention to the US dollar for your short-term guidance, and of course that trendline that I have pointed out of the chart. Both of those are working against this market.

Please let us know what you think in the comments below