Silver Price Forecast – Silver Markets Starting to Stabilize
Silver markets have gotten sold off over the last week or so, but during the Monday session it looks as if we are trying to stabilize a bit.
Silver markets have rallied a bit during the trading session, initially gapping higher on Monday. The market reached towards the $18 level, an area that has been both support and resistance in the past. The fact that the market pulled back from here it is likely that the market needs to build up a little bit of confidence and strength in order to turn around to go to the upside. If we do break above the $18 level, then the market is likely to go looking towards the $18.50 level, possibly even the $19 level.
SILVER Video 09.06.20
Silver markets continue to see a lot of volatility, but in the end, they are in a bullish run as of late. Silver of course is being influenced by central banks around the world printing money as fast as they can, but there is also the concern about the industrial part of the equation. At this point, the question is whether or not the economy is have opened up enough to push up sober demand by manufacturers, but right now it looks highly likely that the silver market is going to rally due to one reason or another.
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Another thing that is coming into play is the fact that the US dollar has gotten hit rather hard as of late so that should also help sober overall. All things being equal, the market is likely to see a lot of buyers underneath at the $17 level, especially considering that the 50 day EMA is starting to reach towards that level. All things being equal this is a market that also has support down at the $16 level, so it is only a matter of time before the buyers come back in my estimation. I look at pullbacks as potential buying opportunities.
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