Silver Price Forecast – Silver Markets Choppy Again On Friday

Silver markets went back and forth during the trading session on Friday, as we continue to test the previous uptrend line from the bottom, suggesting that the market has a lot of work to do in this area.
Christopher Lewis
Silver Price Forecast - Silver Markets Choppy Again On Friday

Silver markets went back and forth during the trading session on Friday, initially pulling back but then turning around to form a hammer. At this point, the market is testing a recent highs near the $18.05 level, and that of course the previous uptrend line. At this point, the market is likely to continue to be cautious at this point, and I think a pullback would make quite a bit of sense, even if we do break out to the upside. Keep in mind that the silver markets will a lot of different factors, not the least of which will be the fact that central banks around the world continue to loosen monetary policy.

SILVER Video 30.12.19

If the market does break above this uptrend line though, then it’s very likely that silver goes much higher, reaching towards the $20 level. Ultimately, the market will probably continue to pay attention to the moving averages below, including the 50 day EMA which is suddenly turning higher. It’s worth noting that the silver markets have bounced from the 200 day EMA and of course the 61.8% Fibonacci retracement level. Overall, the market looks as if it is trying to break out but the fact that we are at the wrong time of year to place heavy positions makes be a bit cautious. Again though, if we break above the $18.05 level, then it’s time to start buying. Otherwise, a pullback to the 50 day EMA that shows a bit of a bounce could be a buying opportunity as well. Ultimately, we have a lot of decisions to make in the short term.

Please let us know what you think in the comments below

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
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.
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.