Silver Price Forecast – Silver Markets Continue To Be Sideways
Silver markets went back and forth during the trading session on Wednesday, as we continue to see a lot of noise in the markets. Quite frankly, we are getting close to the end of the year which means that trading volumes will fall off the face of the earth. This means that markets more than likely won’t move much, and now that we are pressing against the 50 day EMA it’s likely that we will continue to struggle a bit going forward. That being said, the 200 day EMA is underneath and that should offer plenty of support.
SILVER Video 19.12.19
Ultimately, this is a market that I think will probably make its next major move after New Year’s Day, but if we do break above the 50 day EMA it could send silver towards the $17.50 level. Underneath, if we were to break down below the 200 day EMA, then it’s likely that the market goes looking towards the $16.25 level. All things being equal, there is probably little opportunity and silver unless of course we get some type of shock headline coming out of Donald Trump or the Chinese. Looking at this chart, I anticipate we will simply drift back and forth over the next several trading sessions, and drift slowly into the holiday season as a result. With this, small position sizing probably makes the most sense, assuming that you are even bothered with what is probably going to be very slow trading over the next couple of weeks. Obviously, that low-volume can lead to erratic movements so by all means be cautious.