Silver Price Forecast – Silver markets choppy on Monday

Christopher Lewis
Silver markets went back and forth during the trading session on Monday, showing a bit of hesitation. Perhaps this is a bit of an accumulation, as we have recently seen a major break out.

Silver markets have gone back and forth during the trading session on Monday as traders came back from the weekend. This is a sign that the market is trying to figure out where to go next, but clearly we have broken out to the upside. With the Federal Reserve entering a loose monetary policy, it makes sense that precious metals will continue to get a bit of a boost. That being said, we are also above the 200 day EMA, which is also a bullish sign. That doesn’t mean that we are going straight up in the air, but it does suggest that we are going higher.

SILVER Video 25.06.19

At this point, the 200 day EMA is at the $15.14 level, and that offer a bit of support not only because of that moving average, but also because of the gap that formed at that area. The absolute “floor” of the market at this point is probably the $15.00 level. I recognize that the $15.50 level above is resistance, but I also think that it could very easily give way now. For short-term traders this will be a target, so you could see a little bit of profit taking as we have pulled back from there.

Gold has also broken out, which is another reason to think that perhaps silver will go higher, as the two over time do tend to move in the same direction. Quite frankly, I don’t have any interest in shorting this market until we get well below the $15.00 level. Ultimately, I think we are probably going to go looking towards the $16.00 level.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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