Silver Price Forecast – Silver Markets Rally Significantly to Close Out WeekSilver markets rallied rather significantly at the end of the week to pierce the $13 level. At this point, the market looks likely to continue to try to build up a bit of a base as precious metals have been oversold.
Silver markets rallied during the trading session on Friday, piercing the $13 level, an area that has been important more than once. By doing so, it looks as if the market is ready to continue seeing a bit of volatility, and perhaps an attempt to try to build a bit of a base as we have seen this market far too oversold. That being said, the silver markets also have a bit of an industrial demand component put into them as well, so obviously that part will fail but at the end of the day silver is used for precious metal as well. That being said, I do think that the US dollar losing a little bit of strength helps as well, as the greenback strengthen does tend to work against these metals.
SILVER Video 23.03.20
To the downside, I see the $12 level as massive support, and if we break down below that level significantly, it’s likely that the market goes looking towards the $10 level. The $10 level is also supportive as well, so I do think that there will be a bit of a bounce sooner rather than later. To the upside, I believe that the market may go looking towards the $15 level, possibly even the $16 level. Silver is highly volatile, and typically will take it’s clue from gold. In fact, it’s probably easier to buy gold that it is silver, but the two tend to move in the same overall direction under normal circumstances. I have no interest in shorting.