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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.

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