Silver Price Forecast – Silver Markets Continue to Press Resistance

Silver markets initially fell during trading on Tuesday, as the US dollar got a bit of a bit. Having said that, the market has turned right back around to show signs of life again, and it looks as if it is going to try to break above the $18.50 level. Breaking above there could send this market towards the $19.00 level, something that I think does happen given enough time. However, if we get a bit of profit-taking going into the weekend, you may have an opportunity to buy silver closer to the $18.00 level, or possibly even the 50 day EMA if you are patient enough. Either way, I do believe that silver continues to go higher, mainly because of loose monetary policy around the world.

SILVER Video 21.02.20

Precious metals have been getting a bit, and you could make an argument for silver trying to play catch up with gold, but at the end of the day it doesn’t really matter which one you are playing, precious metals in general are to be bought and not sold at this point. Gold has rallied rather significantly, dragging silver right along with it.

It would take some type of major turnaround in attitude and risk appetite for gold and silver to rollover, and that’s not something I see with all of the fears about the coronavirus going on right now. That being said though, the market has rallied quite stringently over the last three sessions and is overbought. Because of this, look for value and take advantage of but if you get the opportunity.