Silver Price Forecast – Silver Markets Continue To Fall

Silver markets fell a bit during the trading session on Monday but have stabilized a bit later in the day. At this point, the market is currently juggling just above the 200 day EMA, it’s important to pay attention to what happens next, as it could give us an opportunity for a larger trade.
Christopher Lewis
Silver daily chart, November 12, 2019

Silver markets have gone back and forth during the trading session on Monday, forming a somewhat neutral candle, but it did initially fall to test the 200 day EMA. The silver markets have seen a significant break down, as the market has gone all over the place from “risk on” to “risk off”, sometimes within a matter of minutes. The silver markets of course is considered to be a safety play in general, and as a result it’s likely that the market will continue to look at geopolitical situations to determine where to go next. At this point, I have a couple of levels that I am paying close attention to.

SILVER Video 12.11.19

The $17.00 level above is crucial for me, and if we break above there on a daily chart then we could go higher, perhaps reaching towards the $17.50 level. Alternately, if the day closes below the 200 day EMA, then it’s likely that the market goes down to $16.00, and then $15.50 level after that. This is a market that is on the precipice of breaking down significantly, and perhaps reaching down towards the $15.00 level over the next several weeks if this type of negative pressure continues. However, things turn around and break above that $17.00 level, it’s very possible that we could go much higher. In general, this is a market that needs to make a significant decision rather soon, and I think we are about to see it happen. Pay attention to these levels, they will matter.

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