Silver Price Forecast – Silver Markets Testing Major Moving Average

Silver markets got a bit of a rally during the trading session on Thursday, reaching towards the 50 day EMA where did pull back just a bit. At this point, the market looks highly likely to continue to see a lot of volatility but at this juncture silver does look as if it is bullish overall. That being said, silver is going to be a bit of a laggard compared to gold, as it has seen a massive amount of bullish pressure due to precious metals, but that industrial component continues to be a major issue. The market breaking above the top of the range for the trading session on Thursday could send this market looking towards the $16 level, which I think is rather resistive.

SILVER Video 24.04.20

The $15 level underneath should continue to offer a significant amount of support, as it is a large, round, psychologically significant figure and it is an area where we have bounced from recently anyway. That being said, I do think that the market is probably less favorable than the gold markets, as the gold markets are more of a currency than an industrial metal. Because of this, it is likely that we should continue to see a lot of back and forth but with more of an upward pressure. A lot of traders prefer gold over silver because of this, but ultimately this is a market that looks like it will probably move right along with gold as well. Beyond the $16 level, I believe the next target would be the 200 day EMA.