Silver Price Forecast – Silver Markets Rally in the Face of Optimism

All things “risk on” have rallied during the trading session on Wednesday, as there is hope that a drug coming out of Gilead will work against the coronavirus. That being said, the idea is that everything is going to be some again, and the economy is going to turn on like a light switch. If that is going to be the case, then silver will be in big demand again as industrial uses abound. However, there is also the precious metals aspect of silver that can work in its favor also, so at the end of the day it is likely that the market is going to favor the upside. At this point it is only a matter of trying to figure out what the narrative is that pushes silver higher over the longer term.

SILVER Video 30.04.20

The precious metal aspect of silver of course comes into play as people are concerned about the global economy, but during the day on Wednesday it was all about “Hopium”. Because of this it rally but at the end of the day we need to pay attention to the 50 day EMA that is offering a little bit of resistance. I do believe that it is only a matter of time before we break down and go looking towards the $14.50 level. At this point in time, I am a buyer and not a seller but do recognize that we could get a little bit of a pullback. I have been buying silver for a longer-term position in little bits and pieces.