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Silver Price Forecast – Silver Markets Pressing Major Resistance

Christopher Lewis

Silver markets have rallied a bit during the trading session on Monday, reaching towards the $15 level. Keep in mind that silver is not only a precious metal, but it is also an industrial one. That being the case, it makes sense that as the silver markets rally a bit due to the fact that the idea of growth coming back of course will drive up the demand for this metal. The slowing down of some of the coronavirus deaths has people looking forward, but at this point it’s probably a bit premature to expect that everything is going to turn around. Nonetheless, this is a sign that the market is trying to rally in a risk on sentiment as soon as we can get signs of strength.

SILVER Video 07.04.20

That being said, daily close above the $15.20 level opens up the possibility of a move towards the $16.00 level, and then possibly the $16.50 level. On the other hand, if we turned back around and break down from here it’s likely that the market probably goes looking towards the $14.00 level, an area that has offered significant support as recently as Friday. Ultimately, this is a market that sees a lot of noise in this area so I suspect that this market could go back and forth. With that in mind, be cautious but paying attention to the $15.00 level is probably the key to the entirety of the next move. If we were to break down below the $14 level it opens up the door down to $13 which was sent resistance and now should be support.

This article was originally posted on FX Empire