Silver Price Forecast – Silver markets rally significantly during the Thursday sessionSilver markets rallied significantly during the trading session on Thursday, reaching towards the $14.50 level before pulling back slightly, only to find buyers again. We are at an area that has a certain amount of resistance built into it, but if we can clear the impulsive candle from the day, I think the market probably goes to the $14.70 level.
Silver markets were extraordinarily bullish during the trading session on Thursday, as we reached towards the $14.50 level. That’s an area that of course will offer a lot of support and resistance, as we had sold off from that area rather drastically, but we had a little bit of a pullback only to turn around and slam back into it. If we can clear the impulsive candle from earlier in the day, I suspect that the silver market will continue to climb towards the $14.70 level. That’s an area that’s even more resistive so we will have to wait to see what happens next. Otherwise, if we turn around from here I suspect that the market will probably go looking towards the $14.40 level.
Overall, this is a market that looks as if it has formed a major bottoming pattern near the $14.30 level, as the $14 level underneath is massive support on the longer-term charts. I think short-term pullbacks should continue to offer bullish pressure, but we will need to see what happens with the US dollar as it is such a huge influence on what happens with silver, and of course it’s because in gold. The move has been very explosive during the trading session on Thursday and moves like this typically have some type of follow-through. That being said, be small with your trading position.