Silver Price Forecast – Silver markets break resistance

Silver markets rally during the trading session on Monday, breaking out to a fresh higher over the last several days, and of course the $15 level has been crucial. That’s an area that of course is a large, round, psychologically significant figure, and of course an area that was previous support and resistance. With that, it makes sense that we would have a lot of back and forth in this area, but the fact that we surged higher suggests that we are ready to make a move towards the moving averages above, near the $15.40 level. A move above there opens the door to the $15.50 level, an area that will attract a lot of attention in general.

SILVER Video 09.04.19

This is a market that is moving based upon the greenback as well, meaning that the greenback falling of course has helped Silver going higher, just as if the greenback strengthens, silver will probably fall. I see a significant amount of support near the $14.90 level so I believe that it’s essentially a “support zone” that we are bouncing from. Beyond that, from the move at $14, we are essentially at the 50% Fibonacci retracement level which of course has to be paid attention to as well. In general, this is a market that I am bullish on because I believe that the US dollar is overstretched. However, that doesn’t mean that it’s going to be very easy to do, so expect a lot of choppiness with an upward proclivity.

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