Silver Price Forecast – Silver markets find support

Silver markets initially fell during the trading session on Thursday but have found a bit of support at the uptrend line that goes back several months. Beyond that, there is also the 50 day EMA just below that should continue to offer support, so quite frankly I think this is probably going to end up being thought of as a buying opportunity given enough time. With that in mind, I am a buyer of dips and I do not have any interest in trying to short silver, because quite frankly there are enough alarm bells going off around the world at any given moment to have a rush to safety be very likely.

SILVER Video 27.09.19

To the upside, we could reach towards the $20.00 level, but I think that the longer-term story and not necessarily something that we will see right away. I like the idea of perhaps trying to take advantage of what is a very healthy pull back, and I do think that the trend is very strong and even more importantly, very much intact. That being said, it doesn’t mean that we will go straight up in the air and certainly there will be the occasional hiccup. After all, Silver markets rallied 15% in the month of August alone, which of course is a bit overdone. Ultimately though, I like the idea of buying short-term pullbacks until we break down below the 50 day EMA, something that seems to be a major support level.

Please let us know what you think in the comments below