Silver Price Forecast – Silver markets recover

Silver markets initially pulled back during the trading session on Thursday but then shot back above the $14.85 level. Above there, we started to reach towards the $15 level but did see a lot of selling pressure in that area, as it is a large, round, psychologically significant here. Ultimately, if we were to break above the $15 level, then we could go to the 200 day EMA, near the $15.17 level. Overall though, I think there is a bit of a “brick wall” near the $15 level, which of course has attracted a lot of tension in the past.

SILVER Video 07.06.19

Beyond that, the 50 day EMA is slicing through the last couple of candles, so that will attract a lot of attention as well. I think that you will probably need to pay attention to the EUR/USD pair, as it is a proxy for the US dollar in general. If it falls, it’s likely that the silver market will follow right along. However, if the silver market breaks above the $15 level I think at that point the 200 day EMA will be the initial target, but we could continue to go much higher than that.

The EUR/USD pair breaking above the 1.1325 level also could send Silver higher as it would show quite a bit of negativity for the greenback. Either way, we are at a major inflection point so we will see what happens next. Either way, this is a market that shows a lot of choppiness in this area, and I think that will continue as it is typical with silver.

Please let us know what you think in the comments below