Silver Price Forecast – Silver markets tried water on Tuesday

Silver markets will of course be paid attention to what the US dollar does, which will be heavily influenced by Jerome Powell and whatever conversation he has with the U.S. Congress. At this point in time, the $15 level also features a major gap that has now been filled, and the 50 day EMA. That of course is a potentially supportive area, so therefore I think that people will be paying quite a bit of attention to this area in general. Granted, Silver does tend to move with gold, and unfortunately gold has a gap that’s much lower, which gives me a bit of a pause when it comes to going long silver.

SILVER Video 10.07.19

However, if we can break above the 200 day EMA which is pictured in blue on the chart, then that shows that we are probably ready to go back to the $15.50 level. Ultimately, to the downside we have support not only of the 50 day EMA but we also have it at the $14.75 level, so it does make quite a bit of sense that we eventually do find buyers.

One thing you should keep in mind about the silver market is that it’s not just a precious metals market, but it is also an industrial metal, so it has a bit of economic factors built in as well. All things being equal though, I do like precious metals and I think it’s only a matter of time before we get a nice buying opportunity, be it above the 200 day EMA or down at the $14.75 level.

Please let us know what you think in the comments below