Silver Price Forecast – Silver markets went back and forth all week

Silver markets went back and forth all week, as we are sitting just below the $15.00 level, an area that is obviously a psychologically important, so it’s going to be interesting to see where we go next as we form a larger pattern.
Christopher Lewis
Silver daily chart, April 22, 2019

Silver markets went back and forth during the trading session on Thursday, and of course the Silver markets were closed on Friday for Good Friday. At this point, the $15.00 level is the short-term resistance barrier that the market is paying attention to, but you can see that I have formed a falling wedge on the chart, and I think at this point we will have to resolve that pattern. If we can break above the top of the downtrend line, the market will probably go looking towards the $16.00 level, as it is the top of the rising wedge, but that’s not to say that it will be easy to get to that region as I see resistance at the $15.25 level, $15.35 level, $15.50 level, and possibly even the $15.60 level.

SILVER Video 22.04.19

To the downside, if we can break down below the hammer from Monday, and the trend line that sits just there, we could break down towards the $14.50 level, and then down to the $14 level over the longer-term. At this point, it’s a lot of choppy trading but my suspicion is that we will get some type of impulsive candle stick or two that will tell us which direction we go. We have the levels worth watching, but in the meantime we simply must sit on the sidelines and let the market make its mind up before following the momentum as it comes into the marketplace. Pay attention to the US dollar, because silver tends to move opposite of it, so that could be the catalyst.

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