Silver Price Forecast – Silver Markets Continue To Show Resiliency

Silver markets have recently broken above the downtrend line on the chart that I have drawn, showing a resiliency that the market should continue to go higher. To the upside, the market reached towards the $18.50 level before pulling back a bit. Having said that, the market looks likely to see buying pressure on dips, especially near the $17.50 level and the uptrend line that sits underneath. Ultimately, the market should continue to go looking towards the $18.50 level, and then possibly the $19.00 level. I don’t like shorting silver, at least not until we break down below the 200 day EMA.

SILVER Video 20.02.20

Speaking of the 200 day EMA, the market is seen that moving average sitting at the $17.00 level, and as a result it’s likely that support level should holding keep the uptrend intact, however the market should find plenty of buyers underneath to keep this market somewhat alive. Ultimately, the market is going to continue to gain traction due to the fact that central banks around the world are looking very loose with monetary policy, and as a result it’s likely that the silver markets and other precious markets will continue to find plenty of buyers. Quite frankly, there is also a lot of concern when it comes to global growth and disruptions as well, so that’s another reason to think that perhaps precious metals will continue to attract money. However, look for a short-term pullback in order to take advantage of.