Silver Price Forecast – Silver Markets Break Down Significantly On Monday

Silver markets broke down significantly during the trading session on Monday to kick off the week, but we have seen this happen more than once. At this point, the question comes to whether or not there is still going to be fear out there or not. Ultimately, the last couple of candlesticks have shown quite a bit of support underneath, so one would assume that it is still out there. Ultimately, the $17.00 level should offer support as well. To the upside, the $18.50 level above could cause resistance.

SILVER Video 04.02.20

Keep in mind that the situation with the coronavirus still has a lot of fear out there, although it seems as if we are trying to recover a bit during the trading session on Monday. Having said that, it is only a matter of time before buyers will return based upon the idea of value, so ultimately, it’s a matter of waiting for a set up. The 50 day EMA just crossed above the 200 day EMA, and it’s likely that the market will offer support given enough time. The $17.00 level coinciding with the 50 day EMA offers a significant amount of support as well, so I like the idea of picking up silver but waiting for some type of support of candle or bounce to get involved. I will keep you up-to-date here at FX Empire as to what I’m doing next, which will almost certainly be buying, but taking my time and waiting for the right signal to do so. I have no interest in trying to short here, because there are far too many issues out there that could drive markets right back into the precious metals markets.

Please let us know what you think in the comments below