Silver Price Forecast – Silver Markets Continue to Drift Lower

Silver markets have drifted a little bit during the trading session on Thursday as we continue to bounce around in the same region that we have been in for some time. We are below the $24 level as I record this, which of course is a slightly significant round figure, but at the end of the day we have sliced through there multiple times so I think that some of its efficacy may have fallen. That being said, I think there is plenty of support underneath at the $22.75 level, which not only features the 38.2% Fibonacci retracement level, but it also has the 200 day EMA racing towards it. Ultimately, think that it holds but only time will tell.

SILVER Video 20.11.20

All things being equal, central base around the world continue to flood the markets of liquidity and therefore it should continue to drive up the value of hard assets, but that does not mean that we take off straight up in the air. In fact, I think of this more as an investment instead of some type of short-term trade. Granted, you could probably buy the dip and then take profit at the 50 day EMA but I think the real money is going to be made in buying and holding silver for the next several years. That being said, I do not feel any type of pressure to get long, as the cyclical trend higher I believe will last for quite some time. I will be watching on pullbacks for buying opportunities been in the meantime I think you will eventually get a better price that you can start buying silver from.