Silver Price Forecast – Silver Markets Fall Again On Friday

Silver markets break down below the $17.00 level during the trading session on Friday, reaching towards the 200 day EMA. There was a little bit of a bounce, so it is at least something to hang your hat on if you’re bullish.
Christopher Lewis
Silver daily chart, November 11, 2019

Silver markets have fallen again during the trading session on Friday, breaking below the $17.00 level. This is an area that suggests a bit of support due to the fact that the 200 day EMA is sitting just below. The $17.00 level of course will cause a certain amount of attention, so at this point if we were to break back above the $17.00 level, then the market could go back towards the previous uptrend line. That’s an area that could cause some issues near the $17.50 level. However, if we were to break above there, then the market could go to the $18.00 level.

SILVER Video 11.11.19

Alternately, if the market was to turn around a break below the 200 day EMA, then the 61.8% Fibonacci retracement level will be threatened, perhaps opening up the door to a bigger selloff. The silver markets get hammered as it was reported that the Americans may drop tariffs against the Chinese, although there have been conflicting reports about that sense. This is a “safety trade” as you can see, and therefore it looks back and forth due to headlines between the Americans and the Chinese.

At this point though, the certainly looks as if the market is struggling. Ultimately, you can also make a bit of an argument for a descending triangle based upon the most recent pullback, so at this point it’s likely that a breakdown could really get things going to the downside. At this point, market participants will continue to get whipsawed by the latest headlines.

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
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.
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.