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.

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
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.
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.