Silver Price Forecast – Silver markets pull back

Silver markets fell a bit during the trading session during the day on Tuesday, reaching towards the bottom of the hammer from the Monday session. This is a market that continues to have a lot of volatility in it, as we are trying to build enough momentum to break above the $16 level. By doing so, the market would be open to moving towards the $16.50 level, and then eventually the $17 level. In general, this is a market that looks very likely to remain noisy, but I do think that a softening Federal Reserve will eventually propel the Silver markets higher.

SILVER Video 13.02.19

The 50 day exponential moving average is near the $15.50 level, so I think it’s likely that we will find some buyers in that region, and therefore I think it’s only a matter time before we go higher. I do not have any interest in shorting this market, at least not until we would break significantly below the $15 level. With this, I am a buyer but I also recognize that the noise is going to make a lot of people a bit scared, but ultimately I do believe that there are plenty of buyers underneath to pick this market up. The 200 day EMA is near the $17 level, so I think that we will continue to reach towards that level. If we broke down below the $15 level, then I think we would probably reach down towards the $14 level. However, I give that about a 20% chance.

Please let us know what you think in the comments below