Silver Price Forecast – Silver market tests major moving average
Silver markets broke higher during the trading session on Tuesday, breaking above the 50 EMA. At this point, it looks as if the market is probably going to try to reach the $15 level which I see as a massive barrier. Gold markets have already turned higher and above the 50 EMA, and it looks as if silver is trying to do the same thing. However, I recognize that the $15 level is going to be a massive barrier to overcome, so I think it’s going to be difficult to break out. I do expect it to do so though, but it may take several attempts.
I look at the $14.50 level now as significant support and will continue to buy dips as they occur. If we were to break down below that level, then I suspect that the $14.25 level and the $14.00 level both will also offer support. It’s not until we break down below the $14 level that I would start to anticipate selling this market. I recognize that we have been in a downtrend, but it certainly looks as if we are trying to change the overall trend.
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At this point, I suspect that buying silver in little increments will probably be the best way to do, building up a larger position for a longer-term trade. I like buying physical silver and continue to do so as well as a longer-term investment. At this point, the safety trade continues to help precious metals.