Silver Price Forecast – Silver Markets Break Higher

Silver markets broke above the 50 day EMA during trading on Monday as traders came back to work in very thin market conditions. Ultimately, this is a market that should continue to see a lot of choppy behavior, but at this point in time it’s likely that we will have a lot of erratic trading due to the fact that there simply aren’t enough people out there. At this point, the market is likely to see a lot of noise in general, but I do think that it’s only a matter of time before we have to make a decision above. At this point, the $17.50 level will cause quite a bit of psychological resistance, just as the $18.00 level will as well. At that point, I think we will be coinciding with a nice uptrend line that should now offer quite a bit of resistance. Ultimately, this is a market that will more than likely continue to be very choppy as it is all about “risk on”, or “risk off.”

SILVER Video 24.12.19

It’s very likely that silver will find a little bit of follow-through over the next couple of very thin days, but the real fight comes at the $18.00 level. If we can break above there, then the market is likely to go much higher. To the downside, if we break down below the $17.00 level then we will wipe out the bullish pressure in more than likely go looking towards the 200 day EMA underneath. If we were to break down below that, it would kill any hope of an uptrend at that point.

Please let us know what you think in the comments below