Silver Price Forecast – Silver markets continue to fall
Silver markets have continued to fall during the trading session on Monday, reaching down towards the psychologically and structurally important $15 level. That’s an area that should continue to cause a bit of noise, so how we close it is going to be very crucial. If we can break down below the $14.90 level, then I think we continue to go much lower, perhaps reaching down towards the $14.50 level, possibly even the $14.00 level.
SILVER Video 05.03.19
Looking at this chart, if we can turn around and show signs of life at the $15.00 level, then it’s very likely that we will turn around and reach towards the 200 day EMA at the $15.42 level. However, at this point I think we are looking at one of two potential scenarios: we either will stabilize in this area, perhaps turning around to show signs of life again, or we break down below the $14.90 level and continue to go much lower. My suspicion is that we need a couple of days of information to make a long trade, but if we get a massive move lower during the Friday session, that could be reason enough for the market to act like the trap door has been opened, sending it much lower.
Pay attention to the US dollar, it is highly influential on what happens with silver, and as a result if it rallies quite often silver will get beaten up. Obviously, the exact opposite can be true as well, so pay attention to the US Dollar Index.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
