Silver Price Forecast – Silver markets slice through trend line

Silver markets broke higher during the trading session on Friday, slicing through the downtrend line that I have marked on the chart. We broke back below it and closed underneath it, but certainly a lot of structural damage has been done. Gold markets have already broken through a major downtrend line, so it’s very likely that the market should continue to go higher given enough time, as silver will follow gold given enough time as well.

SILVER Video 03.06.19

The $14.85 level above is a major area of resistance from what I see, as it was the beginning of the breakdown candle. Beyond that, we have the 50 day EMA which is pictured in red on the chart, and that of course is a very technically driven factor. If we can break above the $14.85 level, then we will go looking towards the $15.00 level.

At this point, if we break down below the candle stick for the Friday session, then we could continue to go lower, perhaps reaching down towards the $14.25 level. A break down below there opens up the door to the $14.00 level. Keep in mind that the US dollar has a lot to do with what happens with silver, as a strengthening greenback can work against the value of metals in general. Silver would be a bit more volatile than gold though, because it is also an industrial metal beyond a precious metals type of play that you can typically see.

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