FXEMPIRE
All

Silver Price Forecast – Silver Markets Failed To Impress Again On Friday

The silver markets initially tried to rally during the trading session on Friday but gave back the gains yet again. With this, it continues to look very likely to continue going sideways, as there is no urgency to move in one direction or the other.
Christopher Lewis
Silver Price Forecast - Silver Markets Failed To Impress Again On Friday

Silver markets initially tried to rally during the trading session on Friday but gave back quite a bit of the gains to form a relatively neutral candlestick. Ultimately, silver continues to be stuck between the 200 day EMA as support just below, and the 50 day EMA as resistance just above. All things being equal, looks as if we are ready to continue going sideways, because quite frankly the market doesn’t look very convinced in one way or the other. Remember, the silver market had recently been rallying due to a “risk off” type of scenario, but since the Federal Reserve has changed its stance as far as cutting rates is concerned, silver has struggled that right along with its cousin gold.

SILVER Video 16.12.19

Ultimately, we are now starting to face the idea of the US/China trade negotiation being positive, and as a result that could help with a bit of a “risk on” type of trade. If that’s going to be the case then precious metals will probably suffer, right along with other “safety assets.” Ultimately, we have the 200 day EMA sitting just above the 61.8% Fibonacci retracement level, and that of course is an area that will attract a lot of attention. At this point, short-term back-and-forth trading is probably going to be what we see more than anything else. However, we had recently broken through a major uptrend line, and that of course is something worth paying attention to. It looks at this point as a silver is simply going to grind away in this region.

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
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