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Silver Price Forecast – Silver Markets Break Down

Silver markets initially tried to rally during the trading session on Thursday but found enough resistance near the $18.00 level to roll over and break down rather significantly. The volatility will probably continue, as the trade talks are going on over the next two days.
Christopher Lewis
Silver daily chart, October 11, 2019

Silver markets initially tried to rally during the trading session on Thursday, but found enough resistance at the $18.00 level, which is not only a large, round, psychologically significant figure, but it is also an area where we have seen a lot of order flow in both directions. Beyond that, the downtrend line that makes up part of the wedge that the market has been trading in has offered quite a bit of structure for the market. With that in mind, I believe that the uptrend line that is closer to the $17.25 level should offer significant support. Underneath there, the $17.00 level is even more support. The market has obviously been volatile, and probably will continue to be so.

SILVER Video 11.10.19

The 50 day EMA is also offered a bit of support, so that could of course suggests quite a bit of technical confluence as well. The market has been in and uptrend for some time, but the 15% gain during the month of August was of course a bit much, so it makes sense that the market should continue to offer value, although the most recent highs have been lower. We have not broken down yet though, so until that happens one would have to think that with all of the global risks out there it makes sense that we would see some type of bullish pressure eventually based upon either a failure on the part of the Americans and the Chinese to come together, or perhaps just further quantitative easing.

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