Silver Price Forecast – Silver Markets Form Supportive Candle In Quiet Session

Silver markets initially fell during the trading session on Friday but have turned around to show signs of support to form a hammer. The hammer sits right on top of the 50 day EMA is so it looks as if the buyers are willing to step in and protect silver.
Christopher Lewis
Silver daily chart, October 21, 2019

Silver markets initially fell during Friday’s trading, but found support underneath the 50 day EMA yet again. Ultimately, this is a market that should continue to be supported underneath and extending all the way down to the crucial $70.00 level. That’s an area that obviously will attract a lot of attention due to it being a large, round, psychologically significant figure. Beyond that, the market looks very likely to find even more support underneath at the 61.8% Fibonacci retracement level although I am the first to admit that it would probably be somewhat negative.

SILVER Video 21.10.19

To the upside, the $18.00 level being broken would be a strong sign that we are going to go to the $18.75 level, followed by the $19.75 level, or the last couple of swing highs if you like. This is a market that is well supported and although you could make an argument for a bit of a descending triangle, when you step back a bit, it’s obvious that the $70.00 level has been massive support and resistance on the longer-term charts. I noticed this first one asserted looking at the weekly chart, as it readjusted my vision to what was really going on. I like silver, and I believe that central banks around the world will continue to cut interest rates and conduct quantitative easing, both of which should push the Silver markets higher in general. I have no plans on selling anytime soon.

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