Silver Price Forecast – Silver Markets Continue Overall Range

Silver markets have rallied a bit during the trading session on Tuesday, breaking above the $18 level. By breaking above there, the market is likely to see traders try to get towards the $18.50 level, and then possibly the $19.00 level. If we break above there, then the market is likely to continue going higher, reaching towards the $20.00 level above.

By contrast, the downside down at the $17.00 level is supportive, based upon the hammer that formed from there and of course the 50 day EMA is sitting right in that same area. Ultimately, it is a large, round, psychologically significant figure and it is likely that the buyers will be looking towards this area as potential buying opportunities. Furthermore, the 200 day EMA is sitting just below, and that of course is something that a lot of longer-term players will be involved in.

SILVER Video 24.06.20

From a fundamental side, we have a lot of central banks around the world trying to drive down there currencies in a bit of a currency war. Ultimately, the market is likely to see a lot of “buy on the dips” type of scenarios, due to the fact that people will be looking to protect their wealth via hard assets. Furthermore, if we do have significant concerns around the world when it comes to global growth, then we could see a race into silver as it is also an industrial metal. I still believe that gold will outperform silver but will more than likely drag it right along with gold markets to the upside as gold looks ready to break out relatively soon.

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