Silver Price Forecast – Silver Markets Run Into Brick Wall

Silver markets rallied a bit during the trading session on Monday, breaking above the trend line momentarily that I had been talking about previously. That being said, it ran into a bit of a brick wall at previous resistance not only there, but just above. It looks as if silver is going to struggle going forward, but I’m not necessarily looking for some type of major breakdown. I believe at this point traders will continue to look for value, so a pullback will probably be welcomed.

SILVER Video 07.01.20

The 50 day EMA is at the $17.42 level, and that’s an area that I think will more than likely offer a significant amount of support, assuming that we can even get down there. If we were to break above the top of the shooting star for the trading session on Monday, that would kick off a major bullish move, sending this market towards the $19.00 level and then eventually the $20.00 level. All things being equal, this is a market that should be bought and not sold, but that doesn’t necessarily mean that it needs to be bought right now. Look for value at levels underneath that you can take advantage of. Keep in mind that the Iranians have yet to react and that of course will have an effect on the precious metals markets as well. All things being equal I like silver, but I like it at lower prices and will continue to look at it as a value proposition.