Silver Price Forecast – Silver Markets Grind Sideways

Silver markets have been relatively quiet over the last several weeks, as we simply grind sideways against the 50-day EMA. At this point, we are approaching a significant uptrend line that should continue to attract a bit of attention, and it looks as if the $17.00 level underneath is significant support, just as the $18.00 level will offer resistance. If we can break above there, it’s likely that the market will continue to go much higher, perhaps reaching towards the $18.75 level, and then eventually the $19.75 level. That being said, we need some type of catalyst to make that happen, and therefore the market is probably going to continue to be one that you can scalp back and forth, but I wouldn’t expect much more than that.

SILVER Video 24.10.19

If we were to break down below the $17.00 level, then obviously the market could be in trouble and it will go looking towards the 61.8% Fibonacci retracement level, perhaps even the 200-day EMA. At this point in time, giving that up would be a major trend change, and could send this market back down to the $14.25 level. That’s the least likely thing to happen, and at this point in time it’s a market that still is bullish, although this recent pullback has been quite drastic. The gains during the month of August were 15%, so this pullback has been necessary and quite predictable. At this point in time though, if we can break above the $18.00 level, I anticipate that there will be a rush of new money coming into the market.

Please let us know what you think in the comments below