Silver Price Forecast – Silver markets try to recover on Tuesday

Silver markets gapped higher to kick off the trading session on Tuesday, pulled back a bit to fill that gap, and then bounced again. It looks as if we are trying to stabilize a little bit near the $14.70 level.
Christopher Lewis
Silver daily chart, June 12, 2019

Silver markets gapped initially during the trading session on Tuesday, but then pulled back to fill that gap to find signs of support. By forming a tiny hammer, this suggests that we are going to try to recover the massive bearish candle from the Monday session, but I think it’s only a matter time before we show signs of exhaustion. This will be especially true if we reach towards the 50 day EMA, as silver has found so much in the way of bearish pressure. The question now is whether or not the $14.50 level underneath will offer support?

SILVER Video 12.06.19

The $15.00 level above is massive resistance, so I think it’s going to be difficult to break above there, because it is such a large, round, psychologically significant figure. Having said that, it’s not impossible and we could very well break above there and go towards the 200 day EMA above which is painted in blue. By breaking above the 200 day EMA, the market should then go looking towards the $16.00 level above, which is the top of this downtrend.

If we were to break down below the $14.50 level, it’s very likely that we would continue to go lower but I think in general this is a market that is trying to find its footing, but we also have a lot of noise in precious metals as there is a significant amount of noise when it comes to risk appetite. Expect volatility, but this is the market that we are looking at.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.