Silver Price Forecast – Silver Markets StabilizeSilver markets stabilize the bit after gapping higher on Thursday to show the first signs of a recovery. That of course is exactly what this market needs after falling the way it has, and the fact that we are hanging around the $12 level makes quite a bit of sense as well.
Silver markets went back and forth during the trading session on Thursday, showing the $12 level will be crucial, as it has been in the past. By bouncing around the way, it has, it suggests that the market is ready to give us some type of bounce. Quite frankly, the silver market has been decimated and although there is going to be a certain amount of industrial demand destruction, the reality is that silver also has a bit of a safety aspect to it, and we could see at the very least some type of relief rally.
SILVER Video 20.03.20
If we can break above the $13 level, it’s likely that the market goes looking towards the $15 level next. That of course is a large, round, psychologically significant figure and it is an area where we had broken down from rather significantly. Above there, the next barrier is going to be the $16 level. I have no interest in trying to short this market anymore, I believe that an up value has entered. If the market breaks down below the Wednesday lows, then it’s likely that we go looking towards the $10 level where the next major support is. I do believe that silver is going to offer quite a bit of value for those who are patient enough, because quite frankly a lot of the precious metal selling has been due to forced liquidation to cover other positions that had lost so much money. With that in mind, I believe that starting to leg into a position might be the best way.