Silver Price Forecast – Silver Markets Failed to Hang on to Gains

Silver markets have shown themselves to be very choppy as of late, and as a result it looks like we are just simply hovering around the $28 level. The $28 level of course is an area that we have seen a lot of action at previously, and therefore should not be overly surprising to see is just hang out in this general vicinity. That being said, I do not think that the market is ready to make a bigger move, so therefore I would anticipate a lot of sideways chop between the 50 day EMA and the area just above the $28 level.

SILVER Video 14.06.21

When you look at the overall attitude of the markets in general, I think that the scenario is that we more than likely go higher, but it is going to be a lot of work to get above where we are right now. The area between here and the $30 level probably continues to cause a lot of issue, so therefore I think what we are looking at is the possibility of a lot of choppy behavior between now and then, and it might possibly be a scenario where we have more of a grind to the upside before finally getting that major breakout.

I believe that the market breaking below the 50 day EMA is a possibility, but that does not necessarily mean that I would be a seller. In fact, I think there is plenty of support underneath at the $26 level and the 200 day EMA as well. If the US dollar gets hit, that could be a driver of this market to the upside as well.

For a look at all of today’s economic events, check out our economic calendar.