Silver Price Forecast – Silver Markets Bounce Again

Silver markets initially fell during the trading session on Monday but found support underneath yet again. By doing so it looks as if we continue to find a bit of resiliency underneath.
Christopher Lewis
Silver daily chart, November 19, 2019

Silver markets have initially fallen during the trading session on Monday, as it was more of a “risk on” type of situation after it was initially suggested that the phone call between the Americans and the Chinese were “constructive” over the weekend. However, we have sense seen conflicting reports, so therefore it makes sense that the market has turned right back around to buy silver and gold in order to protect itself. At this point, it’s very likely that the market will continue to see choppiness as there are a lot of moving pieces at the same time.

SILVER Video 19.11.19

The 200 day EMA sits underneath and should offer a bit of support. It is flattening out though, as opposed to rising as it had been. This could be the beginning of more sideways action, but I would point out that the last couple of candlesticks have been somewhat supportive. Currently, the 50 day EMA is starting to turn lower, and squeezing towards the 200 day EMA. If that’s going to continue to be the case, it’s likely that we will see a lot of back and forth choppy trading in this general vicinity. Ultimately, we will need some type of clarity coming out of risk appetite in general before we can figure out where to go next.

One thing that should be noted is that we have broken through a major uptrend line, but now have found support exactly where you would need to see it. With this in mind, this is a market that will probably continue to be a lot of back and forth and choppy behavior. That being said, if we can break above the 50 day EMA it could open up the move to much higher levels. Otherwise, if we break down below the 200 day EMA that could drop this market down significantly.

Please let us know what you think in the comments below

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