Silver Price Forecast – Silver markets continue to respect trend line

Silver markets went back and forth during the trading session on Wednesday as we hang about the $18.15 level. All things being equal I believe that the market is probably waiting on the European Central Bank meeting on Monday, to see how much more quantitative easing we are about to get.
Christopher Lewis
Silver daily chart, September 12, 2019

Silver markets went back and forth during the trading session on Wednesday as we continue to dance around the $18.15 level. More importantly, we are above the uptrend line that has formed itself on the chart, and it looks as if we are ready to continue going higher. If we can break above the $18.50 level, then it opens the door to the $19.00 level, perhaps even the $20.00 level after that. All things being equal, I think that short-term pullbacks give you an opportunity to pick up a bit of value based upon the trend line, but I also recognize that we could break down through there.

SILVER Video 11.09.19

If we were to break down through that trend line, we could be looking at the $17.50 level below for support as well, as it is a gap that comes into play that should offer plenty of support. Beyond that, we also have the 50 day EMA underneath which is painted in red that should show support as well. Ultimately, I am bullish of silver and I do think that it’s only a matter of time before we rally. With that in mind I’m looking for buying opportunities so you will notice I have not mentioned anything about selling quite yet. If that does change I will of course let you know here at FX Empire, but quite frankly with the central banks around the world behave in the way they are, it’s hard to imagine that we would be in a scenario of selling precious metals.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US