Silver Price Forecast – Silver markets run into resistance

Silver markets rallied a bit during the trading session on Tuesday, running into the $15.50 level and of course the 50 day EMA as I mentioned previously. By doing so, we are starting to see sellers come into the market and that of course can have an effect on what happens next. Nonetheless, it all comes down to the Federal Reserve and what they say over the next couple of days, as it will influence the US dollar in general. If that’s going to be the case, it’s very likely that we continue to see a lot of choppiness, and of course volatility over the next 48 hours.

SILVER Video 20.03.19

However, we can push above the Wednesday shooting star at the $15.50 level, then I think the market is free to go to the $16 level which would be my target anyway. It’s not until we clear the candle that is comfortably done though, so keep that in mind. Ultimately, I like buying pullbacks until we break down below the $15 level, which I think only happens if we get a daily close below the $15 handle. If we did break down below there, it would be an extraordinarily negative sign and it could send the market much lower. I think given enough time we are going to see buyers, but if we did break down below the $15 level could open up the door down to the $14.50 level, possibly even lower than that. Regardless, as things stand right now and the fact that the Federal Reserve has given up its independence to the stock market, I do believe that the easy monetary policy will continue to lift precious metals overall.

Please let us know what you think in the comments below