Silver Price Forecast – Silver Markets Break 50 Day EMAThe silver markets have broken down a bit during the trading session on Tuesday, slicing through the 50 day EMA.
Silver markets have broken down significantly during the trading session on Tuesday, slicing through the 50 day EMA. The 50 day EMA of course is an area that attracts a lot of attention, and as you can see, we have seen resistance lately. At this point time, the market has broken down through the 50 day EMA, reaching towards the $24 level. The $24 level is an area that has attracted a certain amount of attention, so having said that the market continues to see a lot of questions.
SILVER Video 14.10.20
Looking at the chart, we could be forming a bit of a bearish flag, but quite frankly I think that even if we do break down from here it is likely that the $22 level would offer support, and then of course the 200 day EMA after that. Ultimately, I believe that the “floor in the market” is closer to the $20 level. At this point in time, I think that a lot of people will be interested in picking up value for the longer-term move.
After all, this is all based upon the US dollar at the moment, and people are looking at the central banks around the world ready to flood the markets with liquidity. That brings down the value of fiat currency, and as a result hard assets will more than likely continue to be desired. Ultimately, the market is likely to continue to see a lot of choppy behavior, but from a longer-term standpoint I still believe that we are going higher. Looking for value is the best way going forward.
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