Silver Price Forecast – Silver markets testing major lows

The Silver markets fell rather hard during the trading session on Thursday, testing the bottom of the falling wedge, which could negate the pattern altogether. However, we are starting to see some resiliency towards the end of the day.
Christopher Lewis
Silver daily chart, May 03, 2019

Silver markets broke down a bit during the trading session on Thursday, reaching below the $14.60 level at one point. However, we did see a significant amount of buying pressure just below there, as both silver and gold both tried to break down rather significantly during the day but it does seem like it’s going to continue to be a significant fight. With that being said, we could get a bounce from here but obviously the resistance above is going to be a major issue.

SILVER Video 03.05.19

The alternate scenario is that we break down below the bottom of the candle stick for the trading session on Thursday, then the market goes down to the $14.50 level, perhaps even the $14.25 level in the short term. To the upside, we need to clear the $15.00 level to feel comfortable going long, but at this point this is a market that is hanging on by a thread so I do not expect to see that in the short term. Keep in mind that the Federal Reserve is looking very likely to stay on the sidelines and the idea of a rate cut has gone the way of the dodo. The problem with that is so many people have started to count on the Federal Reserve that it has caused a bit of fear.

I think the one thing you can count on is that we will have a lot of noise in the silver market but those of you who are used to trading it, you know that’s the norm.

Please let us know what you think in the comments below

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