Silver Price Forecast – Silver markets rally to open week

The silver market initially pulled back during the trading session on Monday but found buyers to push higher as the market has seen plenty of volatility in this market, as we continue to see a lot of questions about the Federal Reserve and what its next move is. There will be a lot of attention paid to the Federal Reserve this week, as we get more information on the overall outlook of interest rate hikes for 2019. It appears that traders are trying to break above the psychologically important $15.50 level, and I believe that it’s the gateway to higher pricing.

SILVER Video 19.03.19

Pullbacks at this point should continue to offer an interesting way to get involved in this market as the $15 level should see massive support. That is an area that must hold if the buyers have any chance of reclaiming the momentum. The $15.50 level is essentially halfway between support at the $15 level and resistance at the $16 level above. If we can get above that $16 level, it’s likely that we will continue to go higher. The $16.50 level would be next, followed by the $17 level which I think is massive resistance. I do believe we get there, but it’s going to take quite some time to get there.

The alternate scenario is that we break down below the $15 level, which would open the door to the $14.50 level, possibly even lower than that. I believe at this point it’s going to take a significant amount of momentum to break out to the upside or break down, so I anticipate this will all be about the Federal Reserve.

Please let us know what you think in the comments below