Silver Price Forecast – Silver Markets Slightly Softer On Holiday SessionSilver markets pulled back just a bit during the trading session on Monday, as most traders will have been focusing on Memorial Day in the United States.
Silver markets were a bit soft during the trading session on Monday, as a lot of traders will have been focus on the fact that it was a holiday session. With that in mind, I would not read too much into this candlestick, but looking at the $18.00 level above offers a lot of resistance, and it extends furthermore to the $19.00 level. There is a bit of a gap above the $18.00 level, although it has been filled previously. Nonetheless, that is an area that will attract a lot of attention furthermore.
SILVER Video 26.05.20
The large red candlestick from the Thursday session should give you a hint as to just how much resistance there is above. Ultimately, if we can break above the $18 level it will be difficult to break out. However, to the downside I think there are plenty of support levels underneath. The 200 day EMA underneath will attract a lot of attention near the $16.40 level, but before we get there at the $17 level should offer plenty of support. Furthermore, the $16.04 level is an area that was previous resistance, and as a result it is likely that the market will find some support in that area.
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When you think of silver, you need to keep in mind that it is not only a precious metal, but it is also an industrial metal. Because of this, you need to pay attention to the fact that the market may focus on one direction over the other due to this. If you are trying to play the precious metal trade, by far gold is a much better way to do it.
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