Silver Price Forecast – Silver markets fall to close the week

The Silver markets fell during the trading session on Friday to test a significant uptrend line, and at this point is going to be very interesting to see if we can hang on. That being said, we are obviously rotating quite a bit.
Christopher Lewis
Silver daily chart, September 16, 2019

The Silver markets tried to rally during the trading session on Friday but then broke down rather significantly to test the uptrend line which has been a major influence on this market since at least July 15. The 50 day EMA is just below as well, and there is also a gap near the $17.50 level. At this point, we could see a break down and I think it’s probably best to simply wait for value to return to the market before buying. Overall, if we can break above the top of the shooting star from the Thursday session, that would show that we are about to get an impulsive move higher, perhaps reaching towards the $20.00 level.

SILVER Video 16.09.19

All things being equal I think that the market is still bullish so I want to keep an eye on the chart, looking for an opportunity to pick up a lot of value. I’m not looking to try to “swing for the fences”, rather simply find value and ride the trend higher yet again. It’s obvious that we had gotten a bit overextended as we approached the $20.00 level, and a significant pullback from there makes quite a bit of sense. At this point, that gap at the $17.50 level looks very interesting to me as the 50 day EMA will almost certainly reach towards that region, giving us a couple of reasons to think that value hunters will return. Below there, the $70.00 level is also the 50% Fibonacci retracement level. Either way, I’m looking to pick up dips.

Please let us know what you think in the comments below

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