Silver Price Forecast – Silver Markets Break Down

Silver markets initially tried to rally during the trading session on Monday but found trouble at the 50 day EMA again. This is an indicator that suddenly is starting offer more resistance than it has in the past, and it should be noted that the US dollar got a sudden surge of momentum as New York came online. If that is the case, we could continue to see a lot of downward pressure. That being said, I am bullish of silver over the longer term, but I also recognize that getting a good price is crucial.

SILVER Video 24.11.20

That being said, the market could very well find itself looking at the $22.75 level again, as it is the 38.2% Fibonacci retracement level and an area of support recently. After that, we have the 200 day EMA coming into the picture at $21.80, which of course will attract a certain amount of attention. After that, then we start to look at the idea of the $20 level. Regardless, I do not have any interest in shorting silver, I think if you are patient enough you can wait and find some type of supportive daily candlestick to get involved and a much more supportive area.

Central banks around the world continue to flood the markets with liquidity will be one of the main drivers of not only silver but gold to go higher, and the typical precious metals trade. At this point in time, I think it is difficult to short this market, but I would not be a buyer quite yet either. I believe that this is a longer-term cycle to the upside, and therefore you have plenty of time to find value and take advantage of what should be a massive move higher over the next several years.

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