Silver Price Forecast – Silver Markets Explode To The Upside

Silver markets initially pulled back a bit during the trading session on Thursday, but then shot higher to break well above the $18.00 level. By doing so, the market looks likely to continue the overall uptrend.
Christopher Lewis
Silver daily chart, November 01, 2019

Silver markets initially pulled back a bit during the trading session on Thursday, but then shot higher to break above the $18.00 level. At this point, the fact that the market has broken above there suggest that it may make a run towards the shooting star from last week. If we can break above that, the market could continue to go to the next high which is closer to the $18.75 level. There is also a major uptrend line just underneath that is also supported by the 50 day EMA. Ultimately, this is a market that should continue to find buyers on dips and therefore retain the bullish attitude that it has had for some time.

SILVER Video 01.11.19

The job summer comes out on Friday, that of course will have a lot to do with what happens next with the US dollar. That being said though, the FOMC statement has been had and therefore it will somewhat limit the effect of the nonfarm payroll numbers on the markets as we already know what the Federal Reserve is thinking in the short term. With that being the case, it makes sense that we continue to grind higher, not necessarily explode to the upside. As long as we can stay above the trend line and the 50 day EMA, this is still a bullish market, despite the fact that we have pulled back significantly over the last couple of months. That makes sense though, because August had seen Silver gain 15%, which of course is a very overdone move to say the least.

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