Silver Price Forecast – Silver markets bounce from major level

Silver markets bounced a bit during the trading session on Tuesday, as the market tested the $17.00 level. That level has offered enough support to turn the market back around and silver looks as if it is trying to recover after the most recent selloff.
Christopher Lewis
Silver daily chart, October 02, 2019

Silver markets hit the $17 level during trading on Tuesday as we continue to see support underneath. As I stated yesterday, even though it was a very negative look in the short term, there should be plenty of support in various levels underneath as we are in a strong uptrend. That being the case, it’s very likely that this market will continue to be bullish overall, and that there should be plenty of value hunters out there looking to pick up silver “on the cheap.”

SILVER Video 02.10.19

The ISM number came out weaker than anticipated, and that gave Silver a bit of a boost during the day to turn things around. That being said though, the 50 day EMA is just above and it could offer a bit of resistance. Clearing that EMA is the next technical signal that the market is going to continue to go higher, perhaps reaching towards the $18.00 level. Above there, the market is likely to go towards the $18.75 level next. I do believe in the longer-term uptrend and silver, because central banks around the world continue to cut interest rates and loosen monetary policy through various schemes. It is in this scenario that I find myself buying silver on dips and adding to a core position as silver has much higher to go. The pullback has been rather brutal, but keep in mind that the market had risen 15% during the month of August alone. At that point, a bit of a pullback was inevitable.

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