FXEMPIRE
All

Silver Price Forecast – Silver Markets Find Buyers

Silver markets initially fell during trading on Friday but seemed to have found buyers underneath as we continue to press against the crucial $17.00 level. At this point, the market is trying to figure out where to go next.
Christopher Lewis
Silver daily chart, November 18, 2019

Silver markets initially fell during the trading session on Friday but found enough buyers a turnaround and form a bit of a hammer. At this point in time I believe that the market is trying to break above the $17.00 level and if we can break above there the market is likely to go looking towards the 50 day EMA. That is closer to the $17.45 level, and it’s likely that we will continue to see a lot of interest in that area as far as sellers are concerned considering that we had broken down from just above it. The previous uptrend line should offer resistance as well, but in the short term it looks as if we could get a bit of a bounce.

SILVER Video 18.11.19

Further arguing the idea of bounce is the fact that the 200 day EMA is just below, and therefore longer-term traders will be looking at this is an area where they could pick up a bit of value. At this point, the markets look very likely to bounce in the short term, but if we were to turn around a break down below the 200 day EMA would be a very negative sign indeed. The thing about silver is that it has not only an industrial component to it, but it is also a precious metal. If we get some type of “risk off” move, that could propel this market higher, but I expect more than anything else we are going to see a short-term bounce with a lot of choppiness.

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