Silver Price Forecast – Silver Markets Continue to Pound Into Resistance
Silver markets are going back and forth overall between the $18 level on the top and the $17 level on the bottom. With that being said, it is worth paying attention to due to the fact that silver has a lot of meaning when it comes to the overall economy. After all, silver is a major industrial metal, and therefore if there is an explosion in the industrial sector, then by all means it looks like the demand for silver will continue to be strengthening.
SILVER Video 29.05.20
However, there is also the precious metals trade, due to the fact that central banks around the world continue to print money as fast as they can. Here that sound in the background? That is the sound of the printing press is going full tilt, and that of course helps the idea of metals. However, silver plays a second fiddle to gold, and therefore you need to look at that as reality.
To the downside, if we break the $17 level it is likely that the 200 day EMA and the 50 day EMA both will come into play and offer support. I think that silver needs to pullback drastically, and as a result we should see some more position building to the upside. However, if we do break above the $18.25 level then it is likely that we go looking towards the $19 level above. If we managed to break above there, then the market is likely to go towards the $20 level after that. Expect volatility regardless.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
