Silver Price Forecast – Silver Markets Choppy On Friday

Silver markets have initially gapped higher during the trading session on Friday but pulled back a bit to fill that gap analysis will he sit still. That makes sense, considering that it was Non-Farm Payroll Friday.
Christopher Lewis
Silver daily chart, November 04, 2019

Silver markets have initially gapped higher during the trading session on Friday but turned around to fill that gap in order to show signs of life again. This is a market that has been bullish for some time, and it makes quite a bit of sense that we should continue to go the upside due to the fact that there are a lot of central banks around the world to continuing to ease monetary policy, and therefore should continue to favor precious metals in general. Granted, gold is typically the first place people go to, silver does tend to follow. At this point, is also worth pointing out that the US economy look strong and therefore sober demand as far as industrial capacity could continue to go higher.

SILVER Video 04.11.19

The 50 day EMA is underneath, showing signs of turning higher, and of course the uptrend line helps the idea of this market going higher as well. Ultimately, I like the idea of reaching towards the $19 level, but it will take some time to get there. All things being equal, this is a market that should continue to see plenty of buyers on dips and that’s how I am playing the silver market overall. The market will be choppy but that is typical for silver, so keep that in mind and place your trade size accordingly. Look for value, take advantage of it but at this point it’s very difficult to sell this market as there is so much in the way of upward momentum. It looks as if there is significant support all the way down to the $17.00 level.

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