Silver Price Forecast – Silver Markets Rally Into Major FigureThe silver markets went back and forth during the trading session on Wednesday as we continue to press against a major large figure in the form of the $18 level.
Silver markets have rallied again during the trading session on Wednesday, reaching towards the $18 level. That is an area that I think should continue to offer resistance, just as there is a slight gap above. At this point, the $19 level is the top of the range that we have seen as of massive selling, so I think that the silver market is starting to run into a bit of resistance that will probably cause problems for momentum. With that being the case, I suspect that we are at the top of the range and will start to rollover a bit. Ultimately, the $17 level should offer a significant amount of support, just as the 200 day EMA is below.
SILVER Video 21.05.20
Ultimately, if we can break above the $19 level it would be an extraordinarily strong sign that the market is ready to go higher, perhaps reaching towards the $20 level. All things being equal, the market is very bullish in the short term, but it should be noted that the move higher from here is going to struggle as we have seen over the last couple of days. Ultimately, this is a market that I think will continue to see a lot of noise in this general vicinity, so I would be much more comfortable shorting here than buying. That being said, a selling position would be truly short term at best. It comes down to whether or not there is going to be industrial demand, and right now one would have to think that we are a little overdone.