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Christopher Lewis
Silver Price Forecast - Silver Markets Continue Consolidation

Silver markets pulled back just a bit during the trading session on Friday, to close right at the 50 day EMA. Then of course is a major technical indicator, and it will attract a lot of attention. That being said, it looks as if there is plenty of support underneath at the $70.50 level, and then extending all the way down to the $17.00 level. Ultimately, this is a market that continues to move back and forth with risk appetite but recently we’ve seen a bit of US dollar strength so that has weighed upon silver, although it is a bit of a “risk off” move.

SILVER Video 10.02.20

Silver is a little bit different than gold in the sense that it has quite a bit of industrial uses as well, so that could be weighing upon the market in the short term. I do believe that there is plenty of support underneath at the $17.00 level, and therefore it’s likely that the market will react if we do drop towards that area. Furthermore, the 200 day EMA is currently hanging around that area, so that obviously will attract a lot of attention as well. However, if we were to break above the highs from the Thursday session then I believe the market will then go looking towards the $18.00 level above. Break above that then continues the overall uptrend which is what I anticipate seeing given enough time. In the short term though, it looks as if we are trying to form some type of consolidation base to build up momentum to the upside.

Please let us know what you think in the comments below

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