Silver Price Forecast – Silver Markets Run Into Resistance on Friday

Silver markets went back and forth during the trading session on Friday, as we continue to grind back and forth just below the psychologically important $15.00 level. At this point, the market is likely to see a bit of resistance here based on the fact that we bounced straight up in the air, and quite frankly even though the US dollar has been flooded into the markets, that doesn’t do enough to lift silver because it has the industrial component to it which of course is going to continue to dwindle in this time. At this point, the market is likely to see more of a “fading the rallies” type of environment.

SILVER Video 30.03.20

This isn’t to say that we can’t bottom. In fact, I fully anticipate that somewhere near the $13.00 level we will see an attempt to form a bottom again. That would suggest a “higher low”, which of course is a very bullish sign. That is how trends change and buyers come in and push the market to the upside. To the downside, the $12.00 level needs to hold, because if it doesn’t this would be a very disastrous move, opening up the move down to the $10.00 level underneath. The alternate scenario would be that the market breaks above the $15 level on a daily close. If that happens, the market likely goes looking towards the $16.00 level, and then eventually the $17.00 level after that. All things being equal though, I think it is easier to short this market than buy it.