Silver Price Forecast – Silver Markets Sluggish

Silver markets did rally initially during the trading session on Thursday but have struggled above the 50 day EMA. By giving back the gains the way they have, the markets are looking to be a bit sluggish and it does look as if the $18.00 level would be the next target if we can get some type of bullish momentum. However, the US dollar has strengthened in general during the trading session on Thursday, so it does weigh upon the strength of the silver market.

SILVER Video 07.02.20

The silver markets have been drifting lower over the last couple of weeks but have also seen a lot of upward momentum over the longer term. As long as the silver market is above the $17.00 level, essentially the 200 day EMA, then I am not looking to sell this market although I can fully recognize that the last couple of weeks have been a slow drift lower. Silver of course is very volatile, so you should keep that in mind as well. The gold markets tend to be the first place people put money into if they are worried about the value of the US dollar, some type of safety play, or the like. However, silver does get dragged right along with gold at times so don’t be surprised at all to see the move over there first before seen it over here. In a sense, goal becomes a secondary indicator for silver, and vice versa. To the upside I believe that the market will go looking towards the $18.50 level and then eventually the $19.00 level.

Please let us know what you think in the comments below