Silver Price Forecast – Silver Markets Find Support

Silver markets initially fell during the trading session on Monday to kick off the week but have turned around to show signs of life again. At that juncture, we also have a relatively significant uptrend line that has proven itself during the day, so it will be interesting to see where we go next. Clearly, we are at an inflection point, as silver has been beaten down over the last couple of months, but let’s be honest here: the market had gained 15% during the month of August alone.

SILVER Video 26.11.19

Looking at this chart, the uptrend line underneath should continue to be support, but underneath there we also have the 200 day EMA. At this point, the market is likely to find plenty of buyers there as well. If we were to break down below the 200 day EMA, the market could go much further as it is a longer-term indication of support, or in that case the lack of it.

To the upside, I anticipate that the 50 day EMA is going to offer a bit of resistance, so once you get above there, then the market becomes much more bullish. At this point though, I don’t expect it to happen very easily, as I recognize the overall concern around the world when it comes to geopolitics, global growth, and the like. The silver market has saved itself so far, but if we get an impulsive candlestick to the downside, that would be a very negative look. For what it’s worth, you can see that there are three clear areas of extreme negative impulsivity, so that does cause some type of concern.

Please let us know what you think in the comments below