Silver Price Forecast – As dollar rallies, silver falls
Silver markets fell a bit during the trading session on Thursday, reaching down towards the $15.00 level during the day as the US dollar picked up strength, and the Euro of course fell. There is a major stabilizing factor at the 1.12 level in the EUR/USD pair, so the pair bounced a bit, and that relieved some of the pressure on silver as the dollar gave back strength. At the same time, the silver market was sitting just above the $15.00 level, which of course is a major figure, and an area where we had seen massive resistance previously.
SILVER Video 08.03.19
We are just now pulling back to that previous resistance to prove it to be supportive, so it makes sense that we could get a little bit of relief. Overall, it’s very likely that silver will rally though, and as long as we can stay above the $14.90 level, it’s very likely that silver will continue to go higher. However, if we drop down below that level, it probably will reach down towards the $14.50 level eventually. In general, I do think that silver will hold its value, but obviously we have some volatility ahead of us with the jobs number coming out on Friday. That being the case, I would start out slow and add once the market works out in your favor.
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This article was originally posted on FX Empire
