Silver Price Forecast – Silver Markets Choppy

Silver markets went back and forth during the trading session on Monday as we continue to see a lot of volatility. Remember though, silver has been in an uptrend lately so therefore a grind higher is probably most likely.
Christopher Lewis
Silver daily chart, November 05, 2019

Silver markets went back and forth during the trading session on Monday, as markets are trying to figure out where to go next. Ultimately, we have been grinding higher over the last couple of months, and we also have the 50 day EMA underneath. Beyond that, the uptrend line should offer support, but we may get a bit of chop in a back-and-forth type of action going forward. At this point in time, the market looks likely to continue to grind towards the $18.75 level, which has been significant resistance. At this point, the market is likely to continue to try to break above there and reach above the $19.00 level.

SILVER Video 05.11.19

Underneath, if we were to break down below the uptrend line and the 50 day EMA, that could change quite a bit of momentum in this market, perhaps opening up the door to the $17.00 level underneath. That level gives way, then it will of course be a very negative sign. Overall though, it seems much more likely that this market will rally over the longer term, as central banks around the world continue to cut interest rates, and of course loosening monetary policy in general. On top of that, the silver market is sensitive to not only interest-rate cuts and the like, but also fear. If markets get rattled again, money will go flying into the precious metals markets, and therefore it should be paid attention to. At this point though, it looks as if short-term pullback should be buying opportunities going forward, as the value hunters may return.

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