Silver Price Forecast – Silver Markets Continue To Be Quiet

Silver markets went back and forth during the trading session on Monday in rather lackluster trading to kick off the week. Because of this, it looks as if the market is at the very least trying to stabilize, as the $17.00 level has offered significant support.
Christopher Lewis
Silver daily chart, October 15, 2019

Silver markets have done very little during the trading session on Monday as traders came back to work, and we presently trade just above the 50 day EMA. This is a market that of course is going to be a bit flat as we hang around this area. The 50 day EMA does in fact tend to offer a lot of directionality, as it is both support and resistance. That being the case, it’s likely that we will continue to see a lot of noise around this market, especially as risk appetite is all over the place. As risk appetite continues to fail, that of course is good for precious metals as it might be a way to get away from the dangers of fiat currency and of course stocks.

SILVER Video 15.10.19

Looking at the chart, the $17.00 level is obvious support, and I think it will continue to be crucial as far as where the market is going to go next. As long as we can stay above the $70.00 level I feel that the market can continue to find buyers on these dips. Alternately, if the market were to show signs of bullish pressure, especially if we can break above the $18.00 level, I would be more than willing to start buying at that point. I do believe in the longer-term uptrend but obviously we have taken a bit of a beating as of late. Ultimately, this is a “buy on the dips” type of market longer-term but obviously it has struggled as of late.

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