Silver Price Forecast – Silver markets find support

The silver market broke down significantly during the trading session on Friday but then turned around after the jobs number came out. That being the case, the market is likely to continue to see quite a bit of volatility and the fact that we have formed a hammer of course is a bullish sign. This is a bullish market so that of course is exactly what we are looking for. That being said though, if we were to break down below the hammer, we could go down to the gap near the $17.50 level which would be much more likely to bring in more buyers as well as it would be a massive value for those trying to get involved.

SILVER Video 09.09.19

The 23.6% Fibonacci retracement level has of course offered support so far, and typically that is an extraordinarily bullish sign if it does in fact hold. Either way, the main take away from the silver market is that should be looking for value, not trying to pick the top. The market is fundamentally strong for a multitude of reasons, not the least of which would be central banks easing monetary policy. Beyond that we also have a lot of geopolitical concerns out there, and of course global growth issues. While silver has been overbought for a while, it looks like we may try to consolidate in this area with an upward tilt. That’s exactly what we would need to hold this area, because quite frankly it can’t continue to go straight up in the air. August was a 15% gain, which of course is outrageous.