Silver Price Forecast – Silver Markets Give Back Gains On Friday

Silver markets initially trying to rally during the trading session on Friday but gave back a significant portion of the gains as the market now finds itself below the $18.00 level. At this point in time, the market is likely to continue to see a lot of back-and-forth trading, but it should be noted that the Wednesday session features the Federal Reserve interest rate decision, and perhaps even more importantly the statement that follows. If the Federal Reserve seems to be very dovish, that should send this market much higher. On the other hand, if they were for some reason to be a bit more hawkish, then it could send this market lower.

SILVER Video 28.10.19

It is worth noting that the 50-day EMA is just below and starting to grind higher, so that of course is a bullish and supportive sign. Furthermore, there is an uptrend line that offers support as well, and of course we have the 50% Fibonacci retracement level closer to the $17.00 level. All things being equal though, I do suspect that it’s only a matter of time before the buyers come in and pushes market to the upside. This would be especially true if the market were to break above the top of the long wick from the Friday session as it would show the sellers being underwater, and of course another break of resistance in general anyway. It would be a very strong sign for the uptrend to continue, and it should be noted that the 50-day EMA is starting to curl higher.

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