Silver Price Forecast – Silver markets levitate just below big level

Silver markets have been a bit choppy and tight during the trading session on Tuesday as we continue to see a lot of noise overall. At this point, it’s likely that the Silver markets will eventually find buyers but the question is whether they do it now or later. The 50 day EMA underneath is massive support and it’s likely that the market will continue to see that as important. The 50 day EMA is just above the $70.00 level, and therefore it’s likely that the market will be very interested in it.

SILVER Video 18.09.19

If the Federal Reserve is very dovish, that could send this market higher. While we do expect a rate cut, the question is how dovish will they be in the following statement? If they are, it’s very likely that silver will get a bit of a boost. The $17 level above underneath is a major psych level, so it will of course attract quite a bit of order flow and it will be interesting to see how this plays out. To the upside we have the $18.00 level, which of course is massive resistance. If we can break above the $18.00 level that would free the market up to go looking towards the $20.00 level. If that area were to get broken, that would be an extraordinarily bullish sign and could send Silver straight back up in the air again. I have no interest in shorting Silver, unless of course the Federal Reserve sounds more hawkish than anticipated. At that point I would have to re-evaluate the entire situation.

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