Silver Price Forecast – Silver Markets Find Support

Silver markets initially break down below the uptrend line during the trading session on Wednesday, but then turned around to form a relatively supportive looking candle. If that’s going to be the case, then it looks as if the uptrend may have just saved itself.
Christopher Lewis
Silver daily chart, November 07, 2019

Silver markets have broken below the uptrend line underneath, turning around to show signs of life again. The 50 day EMA is just above, and that could cause a bit of a short-term barrier. If we can break above the 50 day EMA, then the market is likely to go towards the $18.15 level. Ultimately, the market is likely to go higher, simply as the trend is still somewhat intact, but it is most certainly pressing it’s locked.

SILVER Video 07.11.19

If the market were to break down below the $17.00 level, then it would be a very negative turn of events obviously and could threaten the overall trend. At this point, the market is likely to continue to go higher but it’s going to be very choppy. With the central banks out there looking to cut interest rates and loose monetary policy for the foreseeable future, it should continue to press the precious metals markets higher. All things being equal, the market is very likely to continue to try to grind higher, but the keyword here is probably going to be “grind.” Overall, this is a market that continues to find plenty of buyers from the longer-term standpoint, so a breakdown below the $17.00 level could open the floodgates to more selling. Overall, this is a market that needs to make a decision rather soon, and quite frankly it’s hanging in there by a thread. All things being equal, I do like the idea of going long but I would be cautious until we get an impulsive move higher.

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