Silver Price Forecast – Silver Market Continues Move Higher

Silver markets have rallied during the trading session on Friday, as we continue to break above the 50 day EMA. That being said though there is a significant amount of resistance just above and it is getting relatively thin as far as volume is concerned. This is the end of the year and therefore a lot of traders will be focused more on holidays than anything to do with the markets themselves. Ultimately, I do believe that the market is probably going to continue to be somewhat range bound, perhaps reaching towards the $17.50 level. To the downside I see the $17.00 level offered support, and then beyond that the 200 day EMA closer to the $16.63 level.

SILVER Video 23.12.19

Keep in mind that this is all about risk appetite and whether or not it is increasing or falling, with this chart moving inversely. In other words, if market participants are relatively comfortable with the way the global economy and global trade situation between various participants such as the United States and China are going, then silver will probably fall. Otherwise, if the market was to break to the upside, it would be a sign of heightened concern. This time year though, it is difficult to glean what the market is moving on other than the fact that there aren’t that many people involved. Looking at the chart, I suspect that the next move probably is higher but may be only slightly so. Looking at this chart, the Friday candlestick is stronger than what we’ve seen as of late, so that’s why I believe this.

Please let us know what you think in the comments below