Price Prediction for Silver – Silver Markets Gap Lower

The silver market opened Wednesday’s trading session with a gap to the downside and is currently trading slightly over the $19 level.

The silver market fluctuated throughout Wednesday’s trading session, as the price is currently slightly above the $19 threshold. It’s likely that this range will continue to provide some support, but if we were to break below it, it would provide the potential for a decline to the $18 level. The $18 level below is a significant support level, and people have paid great attention to this region. The $18 level will continue to garner a certain bit of support, but if we were to break below it, it is likely that we would begin to break down significantly and head toward the $15 level.

On rallies, I anticipate that the $20 level would prove to be a difficult hurdle to overcome, but if we were to break above it, it would open the door to a move to the 200-day exponential moving average, which is closer to the $21.25 level. Notably, it will continue to be difficult to break above the 200-day exponential moving average (EMA), but if we do, a move to $22 is possible. From what I can tell, anything above the $22 level indicates a change in trend; therefore, I believe we might go much higher, perhaps in a “buy-and-hold” situation.

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If this occurs, then the U.S. currency and interest rates will have declined significantly. However, given that the PPI numbers came in twice as hot as anticipated and that the CPI report will be released on Thursday, it is likely that we will see much more volatility.

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