Silver Price Forecast – Silver markets rocket higher on Friday

Silver markets rallied significantly during the day on Friday, breaking above the vital $15.00 level. By doing so, it now looks as if we are trying to finally break out for a larger move.
Christopher Lewis
Silver daily chart, June 10, 2019

Silver markets rallied significantly during the day on Friday and got a bit of a boost after a less than stellar US jobs number. As the economic numbers were revised down from previous months as well, the US dollar got hammered. This of course helps the silver market, but I would point out that the 200 day EMA has offered a bit of a brick wall. The question now is whether or not we can hang onto these gains?

SILVER Video 10.06.19

Ultimately, this is a market that I think will find buyers on dips, and now the $14.85 level should offer a bit of support, as it was not only significant resistance in the past, but it also features the 50 day EMA as well. Pay attention to the US dollar, as a falling greenback certainly help silver as well. That being said, the 200 day EMA does offer a certain barrier.

I would be more than willing to buy short-term pullbacks that showed support at the $14.85 level and extending all the way to the $15.00 level. I would also be willing to buy this market if we can get a daily close above the 200 day EMA but would be more than willing to sell this market if we broke back down below the $14.75 level as it would be a significant turnaround. Overall though, it certainly looks as if the silver market is trying to go higher, perhaps trying to reach the top of the trend line near the $16.00 level but obviously there will be a lot of back and forth between here and there.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.