Silver Price Forecast – Silver markets rally but failed to impressSilver markets initially rallied during the trading session on Wednesday, reaching towards the 50 day EMA. At that point, we started to see sellers again at the familiar $14.85 level.
Silver markets initially rallied during the trading session on Wednesday but has failed at the 50 day EMA. The massive bearish candle on Monday still has it been broken to the upside and it shows just how important the $15.00 level is. With that being the case, is very likely that sellers will come back into this market, at least until we can break above that level. Until we break above $15.00, I don’t think that the market has much of a chance to rally for the longer-term. I anticipate that the market will probably continue to find sellers above, perhaps reaching down towards the $14.50 level below.
SILVER Video 13.06.19
Silver of course is highly sensitive to risk appetite and probably even more so than gold, the overall global growth. The Silver markets move up and down with industrial demand, so if the market suddenly becomes a “risk off” globally, that does tend to make Silver struggle in comparison to its yellow cousin.
If we were to break down below the $14.50 level, that would be a very negative consequences, opening up the door to the $14.25 level, and then eventually the $14.00 level. Ultimately though, if we break above the highs from the Friday candlestick of last week, that could send this market much higher. I think it’s a situation where silver needs to prove itself before people will pile a bunch of money into it. In other words, although we have made a trend line break, the reality is that gold still has a weight around its neck as it has for some time.
Please let us know what you think in the comments below