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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US