Silver Price Forecast – Silver markets continue to find support

Christopher Lewis
Updated: Oct 7, 2019, 16:36 GMT+00:00

Silver markets fell slightly during the trading session on Monday in rather quiet trading, as we are currently sitting on top of the 50 day EMA. There is a lot of noise between here and the $70.00 level that could offer support as well.

Silver daily chart, October 08, 2019

Silver markets fell slightly during the trading session on Monday, as we continue to see a lot of noise around the 50 day EMA which is currently sitting at the $17.46 level. There is a lot of noise in the area of the $17.50 level from both a structural standpoint and of course because of this moving average. I think currently we are eating ready to find a bit of a range between the $17.00 level underneath and the $18.00 level above. Ultimately, this is a market that has been in and uptrend for quite some time, but we need to pay attention to the fact that there is the possibility of a lot of headline risk going forward.

SILVER Video 08.10.19

Looking at the global situation right now, there are a lot of things to worry about, not the least of which of course would be the trade wars. As there are concerns about growth as well, it’s possible that central banks loosening monetary policy could continue to put upward pressure on precious metals in general. Ultimately, this is a market that features a lot of volatility and it as per usual, and I do think that it’s possible that we get a sudden and impulsive move to tell us which direction we will go. If we were to break down below the $17.00 level, then the 200 day EMA would come into focus which is closer to the $16.20 level underneath. To the upside, if we break above the $18.00 level it’s likely that we will go looking towards the highs again.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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