Silver Price Forecast – Silver markets show resiliency again

Silver markets fell during the trading session on Friday, reaching down towards the $16.00 level. That’s an area that of course attracts a lot of attention, and now we have formed a couple of hammers in a row. That’s a very bullish sign and I do think that silver will continue to gain from here. That being said, I don’t necessarily think we are going to explode straight up in the air but obviously there is plenty of support. Because of this I believe that we are likely to see more of a value hunting type of situation.

SILVER Video 05.08.19

If we do break below the $16.00 level, it’s likely that the market will probably continue to reach lower, perhaps down to the $15.50 level after that. I think that what we are going to see is a significant amount of support there as well, as we not only have previous structural resistance but we also have the 50 day EMA. Because of this, I anticipate that what we are going to see is buyers step into this market every time it drops with any type of significance. Looking at the fact that we have formed a couple of hammers, this shows just how much buying pressure there is underneath, and it does mean that there are plenty of people looking to pick up silver. Beyond that, we have a lot of central banks around the world easy monetary policy, so it makes sense that we will continue to see precious metals continue to attract a lot of attention. I have no interest whatsoever in trying to short silver anytime soon.

Please let us know what you think in the comments below