Silver Price Forecast – Silver Markets Running Into Resistance

Silver markets rallied slightly during the trading session on Thursday but continue to find the same resistance that we have seen more than once. Ultimately, the uptrend line that previously had been offering support is now offering resistance.
Christopher Lewis
Silver Price Forecast - Silver Markets Running Into Resistance

Silver markets do look bullish, but there is a significant amount of resistance just above. However, if we were to break above the previous uptrend line, the market could go higher, perhaps reaching towards the $19.00 level. Beyond that, the market could go much higher. Ultimately though, we may need to pullback a little bit in order to build up the necessary momentum to go to the upside. The 50 day EMA underneath is starting to curl to the upside, and it should offer plenty of support in general. With that in mind, the market looks very likely to continue to go towards the highs given enough time, but there is a significant amount of a hurdle to get behind in the short term.

SILVER Video 03.01.20

Gold markets to look strong, and that could lift silver over the longer term, but it’s obvious that somewhere near the $18.10 level is difficult to get beyond. A pullback from here though should offer an of value the people will be interested. However, if we were to break down below the 50 day EMA it’s likely that this market will go looking towards the 200 day EMA. We have recently bounce from the 61.8% Fibonacci retracement level, and that of course suggests that we could continue to go higher over the longer term as the “golden mean” attracts a lot of attention and send the market back to the upside. All things being equal, this is a market that looks bullish, but obviously has a lot of work to do to get to the upside with any type of significance.

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