Silver Price Forecast – Silver markets continue to hug trend line

Silver markets went back and forth during the trading session on Friday as traders continue to hang on to a trend line that has been so crucial for so long. Because of this, it’s likely that silver could get a bit of a boost going forward.
Christopher Lewis
Silver daily chart, September 23, 2019

Silver markets went back and forth during the trading session on Friday, as we continue to see a significant amount of bullish pressure based upon the trend line that we have been following, and of course the major moving averages are all turning higher. With that, and the fact that silver has been very strong over the last couple of months, buying makes quite a bit of sense. Short-term pullbacks continue to offer opportunities as silver has been bid higher due to the fears around the global growth story, and of course central banks getting involved and cutting interest rates.

SILVER Video 23.09.19

Below the uptrend line there’s also the 50 day EMA, and of course the gap at the $17.50 level. Ultimately, this is a market that had gotten ahead of itself but it does look like it will attract a certain amount of bullish and supportive action. If we were to break down below there, then the market could break down a little bit further, but at that point we would have to look towards the longer-term charts to find a nice buying opportunity. To the upside, if we were to break above the $18.00 level, then it would signify that the market is ready to go to the $20.00 level again. I do believe that we eventually test the highs again, but it may get a bit messy in this general vicinity. With that, a little bit of patience may go a long way.

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