Silver Price Forecast – Silver markets gapped higher to kick off the weekSilver markets have gapped higher to kick off the week, breaking above the $17.50 level. At this point, the market is ready to continue going higher, based upon the fear that comes into play based upon the drone attacks in Saudi Arabia.
Silver markets gapped higher to kick off the trading session on Monday, as traders reacted to the drone attacks in Saudi Arabia. This of course has a lot of people running for safety, based upon precious metals as a protective asset. Recently, we had fallen to fill most of that gap below, and therefore it looks like we are trying to continue the uptrend, with the 50 day EMA underneath which should continue to attract attention as well.
SILVER Video 17.09.19
All things been equal the market has been very bullish for some time, and it has also been a bit overextended. This recent selloff has been exactly what we need to see in silver, and therefore I think buyers were going to come back regardless. To the upside, the $18.50 level above would be a round figure and a significant amount of resistance, and if we can break above there then it opens up the door for a return to the $20.00 level. To the downside, if we were to break down below the $17.00 level, then the market could probably reach down towards the $16.00 level, or perhaps even the 200 day EMA underneath there. All things been equal though, this is a market that should continue to go higher, and at that point I think it is only a matter of time before value appears on pullbacks, and traders jump into take advantage of that. We have been in and uptrend anyway, so it looks like that’s a bit of a perfect reason to go long.
Please let us know what you think in the comments below