Silver Price Forecast – Silver markets continue to grind around big figure

Silver markets have gone back and forth during the trading session on Friday, just as we did on Thursday. After the impulsive move on Wednesday, which was led by several central banks in Asia cutting rates, we have seen the markets essentially stabilize. Overall though, I think that the market will continue to look at dips as value, and I believe that the $16.50 level underneath is offering a bit of a “floor” in the market as we are in and uptrend but have smashed into a major resistance barrier. There are a whole plethora fundamental reasons to think that precious metals will continue to climb, although Silver has been a bit of a laggard when compared to gold.

SILVER Video 12.08.19

Ultimately, I think there is more than enough support extending all the way down to at least the $16.00 level to keep this market going higher. The 50 day EMA is starting to reach into the $16.00 level, and I think therefore it will attract a lot of attention as well. I have no interest in shorting, as central banks around the world continue to cut interest rates, and it should be noted that the Federal Reserve is doing so, then it should drive demand for silver especially in commodity currency terms, but even so here against the greenback. There are times when precious metals in the US dollar both can rally, and this seems to be one of those scenarios.

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